Chennai, Jan 22 (IANS) City-based Swelect Energy Systems Ltd Tuesday announced the acquisition of 49 percent stake in HHV Solar Technologies for Rs.220 million.
In a statement issued here, the company said it is foraying into solar photovoltaic modules acquiring 49 percent stake in the Bangalore-based HHV Solar, a solar modules manufacturer.
As per the agreement, Swelect Energy (formerly Numeric Power Systems Ltd) will have the control of HHV Solar and R. Chellappan, managing director of the former has been appointed as the CEO of HHV Solar.
HHV Solar manufactures and exports of wide range of crystalline solar modules and the close association with it will enable Swelect Energy to grow faster in the Indian solar energy market, the statement said.
"Several of our customers have expressed a high level of comfort in getting their complete supplies from a single source and a reliable corporate like Swelect offers the highest uptime," Chellappan was quoted as saying in the statement.
When queried about the financials of HHV Solar, Chellappan told IANS that he is currently in Coimbatore and would share the numbers at a later date.
Swelect Energy's stock went up by around two percent to Rs.161 Tuesday at the National Stock Exchange.