Sangam Renewables has sold 51% stake in its subsidiary, WAACOX Energy (WEPL) to Aditya Birla Renewables (ABRel), for an amount of Rs 41,60,35,305. ABRel earlier held 49% in WEPL, and now shall own 100% stake. The company shall use these proceeds to reduce its short-term debt by Rs 40,32,92,379.00 on a standalone basis.
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.
The company is engaged in the business of providing diversified financial services with a primary focus in assisting small and medium enterprises (SMEs) in corporate and non-corporate sector in their financial planning, corporate restructuring and fund syndication requirements.
