Premier Energies on Thursday announced its foray into transformer manufacturing by acquiring a majority 51 per cent stake in Transcon Industries for a total consideration of Rs 500.3 crore.
The acquisition is a key milestone in its strategy to become a fully-integrated clean energy solutions provider, Premier Energies said in a statement.
The renewable energy player said it has entered into definitive agreements to acquire a 51 per cent ownership interest in Transcon Industries for a total consideration of Rs 500.3 crore.
"This investment marks our foray into the fast-growing transformer business on the back of surging renewable power capacity addition and growing electrification of the economy," Premier Energies MD & CEO Chiranjeev Saluja said.
The acquisition of Transcon, which manufactures a wider range of transformers, including solar and distribution, will help Premier Energies move further downstream, offering integrated and bundled solutions to power producers, DISCOMs, and industrial customers, while shifting focus toward the higher-value medium voltage, high voltage, and extra high voltage segments over time.
By entering the transformer segment, the company strengthens its position across the renewable energy value chain and reinforces its role as a strategic enabler of India’s clean energy transition.
Premier Energies is into the manufacturing of solar cells and modules. The company is scaling up to achieve a fully integrated 10 GW capacity across ingots, wafers, cells, and modules, while also foraying into battery storage and inverter manufacturing.
