Blue Circle Services Ltd (BCSL), a public-listed financial services company, has acquired renewable energy firm Enelek Power. The % stake acquired and the acquisition price was not disclosed.
After the acquisition, Enelek Power will become a subsidiary of BCSL. BCSL also said in its statement to the Bombay Stock Exchange that it will invest Rs 20 crore ($4 million) in Enelek for the expansion of its product line and services in the solar space.
Enelek Power designs and manufactures solar thermal heating and power systems and is co-founded by Nachiket Gandhi who is also the CEO.
“We think now is the right time to join hands with a public-listed company like Blue Circle because we believe that becoming a subsidiary of an already listed company will help us unlock the huge business potential and the scale that Enelek has always desired to achieve,” commented Gandhi.
Enelek team has filed more than 6 patents and stands out as a differentiator in the solar sector by being a technology driven company. Enelek's patented technology, The Linear Fresnel Reflector Solar Collector and Steam Generation Systems, use modular flat reflectors to focus the sun's heat onto the elevated receivers thus producing energy with greater efficiency.
Mr.Chandrakala Purohit, CEO of Blue Circle said that the company has been looking to grow beyond being financial services, Advisory and Solutions company. "Throughout the last 12 months, we have been looking at nearly 25 companies to invest in or partner with. In Enelek Power, we have found a right mix of management team, industry expertise and future growth opportunities. We are committed to grow Enelek and make it emerge as the top 5 companies in India in the Solar Power business. Enelek Power has already been a pioneer in the industry and BCSL will lend our business management, network and financial business expertise to Enelek. This acquisition will help BSCL to foray into the infrastructure space. We believe that in the coming years, solar and alternate energy will be the game changer for the infrastructure industry in India,” he said.
Blue Circle is also in the process of acquiring an undisclosed systems integration company within the solar power space and is planning to close the deal within this financial year, the statement added.
Business | News published on 2012-02-22 by Bharat Vasandani
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