to-the-point: India’s Pennar to shed stake in renewables arm to Greenko
Solar system. Author: sasha sakharov. License: Creative Commons.
Indian steel products maker Pennar Industries (BOM:513228) has agreed to sell its interest in subsidiary Pennar Renewables Pvt Ltd to the solar power unit of Greenko Energy Holdings.
In a bourse statement on Friday, Pennar Industries said that the divestment will help it cut its consolidated debt by INR 1.01 billion (USD 15.7m/EUR 13.4m). Funds from the sale to Greenko Solar Energy Pvt Ltd will go to expand Pennar Industries’ product base and market penetration, the seller added.
Further details on the agreement were not provided.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.