Inverter maker Su-Kam is now planning to tap the renewable energy market. The company, after tasting success with its power back up devices, is looking at launching solar-powered, wind powered inverters and storage devices for domestic customers, and have planned investments to the tune of Rs 300 crore for the same.
Kunwer Sachdev, Managing Director, Su-Kam said that the company is looking at acquiring a solar panel firm as well as enhance capacity of its existing plants to start manufacturing solar powered inverters. The company has a war chest of Rs 100 crore for acquiring companies that are manufacturing solar panels. The company will invest another Rs 200 crore in the solar sector over the next 3 years to develop and design new products.
The privately held company, which has investors such as Anil Dhirubhai Ambani Group (ADAG) and Temasek Holdings on board, will fund the buy through internal accruals. However, the company is not planning to enter the power generation market.
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