Web Exclusive | January 2013
HHV Solar to get Rs 22 cr Swelect investment
Swelect Energy Systems would invest Rs 22 crore in Bangalore-based HHV Solar Technologies. The company would subscribe to about 10 lakh shares of HHV and purchase close to 8 lakh shares from SIDBI Venture Capital.
Swelect is the erstwhile Numeric Power Systems, which sold its flagship UPS business to Legrand for Rs 837 crore, last year. Numeric conveyed three of its factories, trademark, brand and intellectual property rights to Legrand. Though Swelect runs the UPS business for Legrand, it has shifted its focus towards renewable energy solutions.
R Chellapan, MD of Swelect, told business newspaper in a recent interview that apart from the UPS business that contributed over 80 per cent of its turnover, the company work in segments such as green energy, alloy steel, iron and LED lighting.
The company has made good inroads into the steel business and have a whole gamut of products including castings. It is intensifying its focus on solar energy generation and solar power storage products. The company has set up 1 mw plants each in Coimbatore and Sivaganga.