Servotech Renewable Power System has acquired a 27 percent stake in solar PV module manufacturing company Rhine Solar. According to the exchange filings, the deal is estimated at Rs 12.14 crore, and Servotech purchased 9,50,106 shares of Rhine Solar at a price of Rs 127.88 per share.
Rhine Solar boasts a manufacturing capacity of 100 MW, says the company documents. The company posted a provisional turnover of Rs 82 crore in the fiscal year 2024-25. In the previous fiscal year, the company posted a turnover of Rs 60 crore.
Why the deal matters for Servotech?
Besides electronics products such as LED, battery, inverter, and EV chargers, Servotech Renewable Power System also has business in residential and commercial solar panels, though not on a very large scale. The partial acquisition of Rhine Solar would not only strengthen its existing solar offerings but it would also open the doors for the company to enter the commercial solar panel production sector on a larger scale.
“This acquisition is a major leap forward for us as we move toward becoming a fully integrated solar solutions provider. We’ve now officially stepped into PV module manufacturing”, said Raman Bhatia, Managing Director of Servotech Renewable Power System.
Bhatia said that a key focus of the company will be on producing advanced N-type TOPCon 12 busbar panels, which are not only more efficient but also in high demand in both domestic and global markets due to their superior performance and durability.
Servotech’s recent performance
In the past month, Servotech Renewable Power System’s share gained 9.51 percent on the stock market. On Friday, the share closed at Rs 138.79, up by 3.23 percent.
In the fourth quarter of FY 25, Servotech Renewable Power System posted an income of Rs 147 crore. The company posted a net profit of Rs 7 crore.