SunEdison Infrastructure’s Rooftop Subsidiary Acquires Sherisha Solar

SunEdison Infrastructure, through its wholly-owned rooftop subsidiary, has acquired Sherisha Solar Private Limited, a Chennai-based solar company

Chennai-based SunEdison Infrastructure Ltd has announced that it has through its wholly-owned rooftop subsidiary, the SIL Rooftop, has acquired Sherisha Solar Private Limited, also a Chennai-based solar company, that was founded in 2015 and is involved in the generation of electricity by tapping into solar energy.

SunEdison, which is into the installation of solar water pumps, solar rooftop panels, etc announced of the development in a BSE filing. The company is hoping that the acquisition will help SIL in delivering high-performance solar assets to the customers with improved customer service and visibility.

In the corporate announcement, the firm stated that “Pursuant to the provisions of Reg 30 read with Schedule III of SEBI(LODR)Reg, 2015 as amended from time to time SIL Rooftop Solar Power Private Limited (hereinafter “SIL Rooftop”) the wholly-owned subsidiary of SunEdison Infrastructure Limited, acquired 100 percent fully paid-up Equity Share Capital along with voting rights of Sherisha Solar Private Limited (hereinafter “SSPL”) on January 03, 2020.”

As a result of the acquisition, Sherisha Solar has become a step-down subsidiary of SunEdison Infrastructure Limited w.e.f. January 03, 2020.

In July, the firm had reported that its Board has considered and approved the majority acquisition of Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited. It announced that it will acquire a 51 percent majority stake is Megamic Electronics, which works in the development of Remote Monitoring Solutions with performance analysis and control solutions. As per the audited financials of FY 2017-18, the turnover of the company was Rs 63.05 lakh, SIL paid Rs 1 crore and gave up 0.3 percent equity shares in SIL in exchange of the majority stake in the solar monitoring firm.

Enrecover Energy Recover Solutions was founded in 2017 in Pune by 3 promoters who graduated from the Vellore Institute of Technology. SIL paid Rs 1.12 crore for acquiring a majority stake in the company.

PC: First Solar