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Suzlon Group, India’s largest provider of renewable energy solutions, has announced the acquisition of a 76% stake in Renom Energy Services Private Limited (Renom) from the Sanjay Ghodawat Group (SGG). The deal, valued at INR 660 crores (USD 80 million), is set to be completed in two phases.
Under the terms of the agreement, Suzlon will first acquire a 51% stake in Renom for INR 400 crores. The remaining 25% stake will be purchased within the next 18 months for INR 260 crores. The transaction is pending the fulfillment of certain conditions.
Renom is the leading Multi-Brand Operations and Maintenance Service (MBOMS) provider in India, managing assets including 1,782 MW in wind, 148 MW in solar, and 572 MW in Balance of Plant (BOP) across various customer segments. This acquisition aims to enhance Renom’s capabilities and strengthen its position as a prominent Independent Service Provider (ISP) for multi-brand renewable energy assets. Additionally, it will enable Renom to tap into the vast market of over 32 GW of non-Suzlon wind energy assets in India.
Girish Tanti, Vice Chairman of Suzlon Group, commented, “India’s goal of achieving 500 GW of renewable energy installations by 2030 will introduce a variety of technologies and wind turbines. Renom’s leading position in this space aligns with Suzlon’s vision of advancing growth while safeguarding renewable energy assets, regardless of their origin.”
JP Chalasani, Chief Executive Officer of Suzlon Group, highlighted, “Our service business has been a cornerstone of our energy transition efforts. By integrating Renom’s expertise with Suzlon’s existing services, we are well-positioned to cater to all multi-make customers in the wind energy O&M sector. We aim to further strengthen Renom as a standalone ISP and enhance customer service across the sector.”
Himanshu Mody, Chief Financial Officer of Suzlon Group, added, “The acquisition of Renom enhances Suzlon’s service portfolio and offers significant growth opportunities. The synergy between Renom’s leadership in the ISP market and Suzlon’s extensive experience and market presence is expected to drive substantial growth and profitability.”
Shrenik Ghodawat, Managing Director of SGG, expressed confidence in the deal, stating, “Our collaboration with Suzlon will propel Renom’s growth and expand its service offerings. This strategic move allows SGG to concentrate on its core areas of Aviation, Education, Consumer Products, and Retail, while ensuring Renom’s continued success under the Suzlon Group’s leadership.”
The acquisition reflects Suzlon’s commitment to expanding its footprint in India’s renewable energy sector, leveraging strategic partnerships to enhance its service capabilities and market leadership.
