Reliance Industrial Investments and Holdings Limited to Acquire Kanoda Energy Systems Private Limited

Deepthi | Myequity news | Date : 29-12-2018 18:10:00 IST

Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL) has entered into a binding agreement with Kanoda Energy Systems Private Limited (KESL) for acquisition of equity shares for a cash consideration not exceeding INR 75 Crores. The said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis. The total investment is likely to be completed by March 2020.

KESL is a renewable energy services company incorporated on 24th August 2007. KESL has presence in specialized fields of solar advisory, product design and technology validation and recently forayed into engineering, procurement & construction (EPC) and operation & maintenance (O&M) of solar photovoltaic (PV) systems. KESL had turnover of INR 10.54 crore, INR 1.63 crore and Nil and Net Profit (Loss) of INR 81.38 lakhs, INR 16.54 lakhs and INR (0.51) lakhs in FY 2018, FY 2017 and FY 2016 respectively.

About Reliance Industries Limited:

Reliance Industries Limited (RIL) is an Indian conglomerate holding company headquartered in Mumbai, Maharashtra, India. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance is one of the most profitable companies in India, the largest publicly traded company in India by market capitalization.

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