Premier Energies and Syrma SGS Join Forces to Strengthen India’s Residential Solar Inverter Market – EQ
In Short : Premier Energies and Syrma SGS Technology have formed a joint venture to acquire Pune-based solar inverter manufacturer KSolare Energy for ₹170 crore, with a 51:49 ownership split. KSolare produces 500,000 inverters annually and reported ₹342 crore revenue in FY25. The JV plans to expand capacity to one million units, targeting India’s residential solar market and supporting government rooftop solar initiatives.
In Detail : Premier Energies and Syrma SGS Technology have announced a joint venture to acquire KSolare Energy Private Limited, a Pune-based solar inverter manufacturer, for ₹170 crore. Under the agreement, Premier Energies will hold a 51% stake, while Syrma SGS will own 49%. This partnership marks their entry into India’s residential solar inverter market.
KSolare Energy operates a manufacturing facility in Pune with an annual production capacity of 500,000 inverters. The company specializes in designing and producing on-grid, off-grid, and hybrid solar inverters, primarily catering to the residential sector. In FY25, KSolare reported revenue of ₹342 crore, demonstrating strong market presence.
As part of growth plans, the joint venture intends to establish a new brownfield manufacturing facility in Pune. This expansion aims to double production capacity to one million inverters annually. The move is intended to meet growing demand for residential solar inverters and support the PM Surya Ghar Muft Bijli Yojana initiative.
Premier Energies, a major solar cell and module manufacturer, is scaling operations to achieve a fully integrated 10 GW capacity, covering ingots, wafers, cells, and modules. The company is also expanding into battery storage and inverter manufacturing to strengthen its position in India’s renewable energy sector.
Syrma SGS Technology, a leading Electronics System Design and Manufacturing company, contributes expertise in advanced manufacturing. With 14 facilities in India and Germany, Syrma serves industrial, automotive, healthcare, and consumer electronics sectors. Its experience complements Premier Energies’ solar expertise for the joint venture.
The collaboration combines strengths in solar energy and electronics manufacturing to deliver high-quality, affordable inverter solutions. The joint venture aims to cater to India’s rapidly expanding residential solar market, ensuring reliable, locally manufactured products while contributing to the country’s clean energy goals.
The acquisition and expansion plans demonstrate the partners’ commitment to India’s renewable energy infrastructure. By increasing domestic manufacturing, the joint venture will reduce reliance on imported solar components, support government initiatives, and promote energy independence across the residential solar segment.
Leadership continuity is ensured with KSolare Energy’s founder, Sunil Sinnarkar, joining the merged entity as Executive Director. His role will maintain operational stability, strategic alignment, and seamless integration while leveraging his expertise in the solar inverter market to guide growth and production expansion.
This strategic venture positions Premier Energies and Syrma SGS to capitalize on rising residential solar demand in India. By combining manufacturing expertise, advanced technology, and local production capabilities, the joint venture aims to deliver reliable, high-quality solar inverters, supporting households and contributing to India’s renewable energy transition.
