Gensol Engineering has acquired 100 per cent of the equity in three newly incorporated companies – Shakti Sangini Energy, Innogrid Energy, and Hari Shakti Energy. Reportedly, the company acquired 10,000 equity shares each of the three companies, by investing 100,000 in each.
This transaction will make the three companies wholly owned subsidiary companies of Gensol Engineering. Moreover, the company plans to expand its renewable energy business – these subsidiaries will carry out the business of the generation and distribution of energy using wind and solar sources, and battery storage.
In October 2024, the company secured a $22.21 million contract to install 23 MW of rooftop solar systems in Dubai. The project will be executed over 20 months and entails designing, constructing, operating, and maintaining rooftop solar systems for an aviation company’s engineering facilities.
