Suzlon Group has executed definitive agreements for the acquisition of a 76% stake in Renom Energy Services (Renom), in two tranches, from the Sanjay Ghodawat Group (SGG). Renom is the largest Multi Brand Operations and Maintenance service (MBOMS) provider in the country with assets of 1,782 MW in Wind, 148 MW in Solar, and 572 MW in BOP under maintenance across customer segments.
The first tranche involves the acquisition of a 51% stake for a consideration of Rs 400 crore. In the second tranche, Suzlon will acquire an additional 25% stake within 18 months from the acquisition of the first tranche for a consideration of Rs 260 crore. The closure of the transaction is subject to the completion of certain condition precedents. This strategic acquisition will help unlock Renom’s core potential and position it from a place of strength to become a leading Independent Service Provider (ISP) and custodian of multi brand renewable energy assets. This deal will also enable Renom to leverage the massive opportunity of targeting over 32 GW of non-Suzlon wind energy assets in the country.
Suzlon Energy is a pioneer in providing end-to-end wind power solutions for increasing demand for wind energy over the world. It has state of the art R & D centers & training campuses in India. Suzlon Group comprises of Suzlon Energy and its subsidiaries.
