Gensol Unlocks Rs. 350 Cr Deal For Scorpius’ US Subsidiary

Gensol Engineering Limited has signed a non-binding Term Sheet for a Rs. 350 crore transaction involving the sale of its US subsidiary, Scorpius Trackers Inc., to a Renewable Energy Solutions provider in the US. The deal includes transferring exclusive and global Intellectual Property (IP) rights (except India) for Scorpius Trackers’ solar tracking technology. Gensol had acquired a majority stake in Scorpius back in September 2023.

This transaction underscores Gensol’s goal to monetize assets, unlock capital from its subsidiaries, and reinvest in its core growth areas, strengthening its financial position. The deal will be completed in two tranches, with full closure expected by March 2026, subject to due diligence, customary/statutory approvals, and closing conditions.

While the deal transfers global IP rights (excluding India) to the US entity, Scorpius Trackers Pvt. Ltd., India, remains a wholly owned subsidiary of Gensol Engineering, continuing to focus on the Indian market. Scorpius India will retain its IP for Indian projects, ensuring continued innovation and market leadership.

US Market Expansion

Anmol Jaggi, Chairman & Managing Director, Gensol Engineering Limited. “The monetization of Scorpius Trackers’ US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position. This marks a significant milestone in our journey to enhance shareholder value and accelerate our leadership in renewable energy.”

Shailesh Vaidya, CEO, of Scorpius Trackers, added, “This agreement positions Scorpius Trackers for rapid growth in the US market while allowing us to retain our market focus in India. The partnership will strengthen our technology presence globally and enable us to capitalize on the immense growth potential in India’s solar sector.”

Gensol Engineering’s approach to subsidiary monetization reinforces its capital-efficient growth strategy, ensuring value realization from assets. With a diversified portfolio spanning solar EPC, tracker technology, electric mobility, and energy storage.