SunEdison Infrastructure Limited has announced that its Board has deliberated and sanctioned the majority procurement of Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited.
SunEdison, which is into the installation of solar water pumps, solar rooftop panels, etc announced of the development. The company is expecting that the procurement will help SIL in conveying high-performance solar assets to the customers with improved customer service and visibility.
SIL will acquire a 51 percent majority stake is Megamic Electronics, which works in the development of Remote Monitoring Solutions with performance analysis and control solutions. These solutions can be used in Solar Plant (>50 Kw) that needs monitoring, EPC companies, O&M companies, and Solar Pump Monitoring.
As per the assessed financials of FY 2017-18, the turnover of the company was Rs 63.05 lakh, SIL will pay Rs 1 crore and give up 0.3 percent equity shares in SIL in exchange of the majority stake in the solar monitoring firm.
According to the regulatory filing issued by SIL, the procurements will go through only after implementation of the shareholder agreement and share purchase agreements between the company and respective shareholders of the company and approval of share transfers by the Board of Directors of the respective companies. The estimated timeline is 2 months.
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