Wind turbine manufacturer Suzlon Group has acquired a majority 51% stake in Renom Energy Services for Rs 400 crore to strengthen its operations and maintenance (O&M) services in the renewable energy sector. Renom, India’s largest multi-brand O&M service provider, will continue to operate independently.
Suzlon plans to acquire an additional 25% stake in Renom within the next 18 months for Rs 260 crore. This strategic move will enable Suzlon to tap into a potential market of over 32 gigawatts of non-Suzlon wind energy assets in India.
“The acquisition provides synergies in terms of a crossover of projects, talent, locations, and systems and processes, creating an opportunity to leverage the Suzlon brand and legacy of over 29 years to build Renom further as a market leader,” said Himanshu Mody, Chief Financial Officer, Suzlon Group.
With this acquisition, Suzlon aims to offer comprehensive O&M services across the renewable energy industry, leveraging Renom’s expertise in maintaining non-Suzlon turbines.
