Hyderabad based Surana Telecom And Power Limited approved in principle through its board directors meeting to demerge its solar business and consolidate it with Surana Ventures Limited.
On demerger, company in a filing to BSE said that Surana Ventures would issue shares to the existing shareholders of Surana Telecom and seek listing on BSE and NSE, subject to regulatory approvals.
Surana Group ventured into solar business in 2008 with the manufacturing of solar photovoltaic modules and in providing solutions to solar street lightning, home lightning, lanterns etc.
Surana Group is currently engaged in this segment through two of its group companies – Surana Telecom, which has a 40Mw module manufacturing plant at Cherlapally near Hyderabad, and Surana Ventures. Surana Telecom is also in receipt of in-principle sanction from the Non-Conventional Energy Development Corporation of Andhra Pradesh Limited for setting up a 5Mw solar photovoltaic (PV) grid interactive power plant in Ranga Reddy district.
Surana Ventures has 10 acre of leasehold land in the Fab City special economic zone on the city outskirts in which it is in the process of setting up a 20Mw solar PV module manufacturing facility. The plant will cater to the export market.
Source: Business Standard
