Mytrah Energy to acquire startup to expand innovation quotient: Report

Mytrah is also looking to collaboration with T-Hub to engage with multiple startups in the clean energy space

Hyderabad based Mytrah Energy is reportedly planning to acquire a startup that offers innovative solutions. Mytrah Group chief executive officer Vikram Kailas speaking to TOI said “we are a firm believer that innovation comes from smaller companies. We are looking at a few. We have come across a company that has automated robots for cleaning of turbines and solar panels. We have also come across a company that is developing battery or storage solutions. We are working on some transactions.” However, he did not reveal the timeframe when the transaction is expected to be closed.

Mytrah is looking to collaboration with T-Hub to engage with multiple startups in the clean energy space said the report. Mytrah is also eyeing addition of another 1GW of installed capacity this fiscal.

The company has reserved a capex of Rs 6,000 crore for the capacity addition and has tied up funding for it. Kailas speaking to the publication confirmed that it has received Rs. 1,900 crore from Piramal Capital and APG in the latest round of funding and the transaction is expected to be concluded by the end of this week.

Mytrah is currently studying prospects of hybrid projects and gearing up to setup a 2-4MW project in Karnataka.