Solar Craze in India as Coal Equipment Supplier and Jeweler acquire Photovoltaic Companies

India’s Solar Power Industry is starting to see a mild solar frenzyof sorts with both domestic and foreign companies trying to get into India.Some companies with no relation at all are getting into solar for example a jewelery company and now a coal equipment supplier. While the biggest M&A story is that of Tata Power acquiring the stake in Tata BP Solar, other firms without any grounding in the energy industry are too getting in. Now a Coal Equipment and EPC company Tecpro is getting into the solar energy business by acquiring a small solar lighting and heating company Eversun.Tecpro Systemsis primarily focused on the Power  Sector Space.It is a leader in the ash handling and material handling systems and is currently diversifying into becoming a turnkey provider in this segment.Like other infrastructure players it has seen amazing growth in the last 3 years at around 70%+.The growth has been fantastic both on the topline and the bottomline.The 2300 crore Order book provides some comfort over the next year’s revenues or so.The Power Sector in India particularly the Thermal Power Plants are expected to see an explosive growth period.Steel and Cement sectors are also growing strongly.With Tecpro Systems focusing on these 3 segments,it should be able to maintain a good growth trajectory in the future years as well

Note the solar industry is growing by leaps and bounds in India .Note only are mainstream solar panels being solar in huge quantities but the other lesser known solar products like solar lighting and solar heaters are also being sold quite briskly. To take advantage the fossil fuel firms are getting into the renewable energy industry as well. Shree Ganesh Jewellery has bought over 2 small solar firms while another smaller developer got bought over by a fund. Lanco Infratech which is one of the biggest private power utilities in India is also looking to sell its power arm given the major financial difficulties being faced by the power industry in India over coal. The company has one of the biggest solar development pipelines and that too will get sold.

DealCurry

Tecpro Systems has acquired Eversun Energy Private Limited, a Pune based Company engaged in the business of EPC of solar power projects. Financial details of the transaction have not been disclosed.EverSun Energy Pvt Ltd is a renewable energy firm engaged in the areas of solar photovoltaic (lighting) and solar thermal (heating). EverSun is headquarted in USA with it’s India corporate office in Bangalore and facilities in Pune, Karnataka and Jamshedpur