Delhi-based power back up equipment maker Su-Kam Power Systems is in talks to buy a solar panel maker. The company said an announcement to this effect is likely by March-end, according to a report by PTI.
The planned acquisition should help the company own manufacturing capacity of panels to become a major player in solar energy applications.
“We are looking to acquire a panel manufacturing company. We are in the final stages of negotiations with one domestic firm, which has production capabilities,” Kunwer Sachdev, managing director and CEO, Su-Kam Power Systems told PTI.
The company provides power back-up solutions for both domestic as well as industrial markets, with a focus on eco-friendly, inexhaustible energy solutions like solar power. Some of the company’s major products include inverters, home UPS, online UPS, line interactive UPS, generators, solar range, batteries, battery chargers and battery equalisers.
“Currently we are sourcing only the panels of an inverter from other makers and rest all are produced by us. With this acquisition, we will have that capacity as well and will not require to source anything from outside,” Sachdev added.
Talking about the possible size of the deal, Sachdev informed: “We are yet to finalise it, but it will be less than Rs 1 billion.”
Su-Kam Power Systems expects Rs 1 billion sales from its solar businesses this fiscal. Also, the company targets Rs 10 billion annually from the solar division in the next five years.
