Suzlon Group has announced its decision to acquire a 76% stake in Renom Energy Services Private Limited. This acquisition will be carried out in two tranches. Suzlon will initially acquire a 51% stake in Renom for a consideration of ₹400 crores. While the acquisition of an additional 25% stake will be within 18 months of the initial acquisition, Suzlon will acquire an additional 25% stake for ₹260 crores.
This strategic move is aimed at strengthening Suzlon’s operations and maintenance (O&M) services in the wind energy sector. By demonstrating its commitment to the long-term sustainability of renewable energy assets, regardless of the manufacturer, Suzlon can enhance its brand image and reputation.
The acquisition of a majority stake in Renom Energy Services is a strategic move by Suzlon that is expected to drive growth, improve profitability, and strengthen its position in the renewable energy sector.
Renom is currently the largest multi-brand renewable energy Operations and Maintenance (O&M) service provider in India. This acquisition allows Suzlon to tap into this vast market of over 32 GW of non-Suzlon wind energy assets, expanding its service portfolio beyond its own manufactured turbines.
After the acquisition, Renom will continue to operate as an independent board-managed service provider (ISP). Renom will gain access to Suzlon’s expertise and resources, further enhancing its capabilities and reach.
Overall, this acquisition is a significant development in the Indian renewable energy sector. It reflects Suzlon’s commitment to expanding its presence in the O&M segment and solidifies Renom’s position as a leading player in the market.