Sangam renewables Ltd. announced the completion of its entire stake sale (51%) in its subsidiary, WAACOX Energy Pvt Ltd (WEPL) to Aditya Birla Renewables Ltd (ABRel) for an amount of Rs. 41,60,35,305.
ABRel earlier held 49% in WEPL, and now shall own 100% stake, the company said in its exchange filing.
The company shall use these proceeds to reduce its short-term debt by Rs. 40,32,92,379.00 on a standalone basis, it added.
WEPL had 24 MWp of operational Solar Plants which were co-developed by SARel and ABRel. The PPA of these projects in WEPL is held by Mahagenco and Mahadiscom. Despite of the Covid-19 restrictions, Non availability of manpower and other obstacles, SARel successfully managed to connect & commission projects before time.
On the occasion of the completion of the transaction, Hitesh Mehta, CFO of the company said “We are glad to have completed this transaction with ABReL who have helped us co-develop these projects. Despite of a lot of headwinds, we were able to finish the project ahead of time while maintaining quality standards for which I thank the team of SARel and ABReL for working diligently.”
Sangam Renewables offers Sustainable partnership by providing Renewable energy solutions to Industrial, Institutional & commercial Sectors and improve their profitability through long term renewable Power supply. Sangam renewables offers end to end solar EPC solutions including rooftop solar, ground mount projects and floating solar solutions.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.