Swelect Energy Systems has decided to invest Rs 22 crore in HHV Solar Technologies, a Bangalore based company. This will be done through subscription of equity shares in the company and by purchase of stake held by SIDBI Venture Capital.
The company has received board’s nod for subscription to 10,15,079 shares in HHV Solar Technologies and purchase of 8,17,391 equity shares from SIDBI Venture Capital that it held in HHV Solar, on January 7.
Swelect Energy was formerly Numeric Power Systems, a major player in the Uninterruptible Power Supply business. Last year, Numeric Power sold its UPS business and decided to concentrate on solar power and was renamed Swelect Energy.
