Kolkata, Nov. 1 The City-based Environ Energy-Tech Service Ltd, a solar solutions providing engineering company, has acquired the multi-billion dollar Renewables (Solar) business of Shell Overseas Investments BV in India and Sri Lanka for an undisclosed sum.
Announcing this to newspersons here today, Mr Jyoti Poddar, CEO of the company, said the acquisition makes Environ the largest solar photovoltaic solutions providing company globally.
He declined to give details about the cost of acquisition or the funding programme adopted for such a large acquisition by a company with a relatively smaller turnover base, except to say that the deal involved both bank lending and internal accruals.
He said Shell being a global player with shareholders around the world was bound by strict disclosure norms, and hence figures at this stage could not be disclosed. The deal was signed in India (Bangalore) on October 26, and a few days earlier in Sri Lanka in the presence of Shell officials.
Mr Poddar said the acquisition will put the company in a strong position to expand operations in India and Sri Lanka.