Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries
, has entered into a binding agreement with Kanoda Energy Systems Private Limited ("KESL") for the acquisition of equity shares for a cash consideration not exceeding Rs75cr.
The said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis. The complete acquisition is likely to be completed by March 2020.
The investment will assist in the Reliance's initiatives to use renewable energy sources.
KESL is a renewable energy services company incorporated in 2007.
KESL has presence in specialized fields of solar advisory, product design, and technology validation and recently forayed into engineering, procurement & construction (EPC) and operation & maintenance (O&M) of solar photovoltaic (PV) systems.
Reliance Industries Ltd is currently trading at Rs1,124.05 down by Rs1.75 or 0.16% from its previous closing of Rs1,125.80 on the BSE.
The scrip opened at Rs1,127.15 and has touched a high and low of Rs1,133.40 and Rs1,124 respectively. So far 16,45,258 (NSE+BSE) shares were traded on the counter.