Firm had already acquired two entities to expand business
Refex Solar Power Pvt. Ltd., will complete the buy out of Sun Edison Products Singapore Pte. Ltd.’s (SEP) four entities in a month’s time, said a top executive.
“Recently, we acquired two firms and the rest will be completed by January end,” said Anil Jain, managing director, Refex Group of Companies. “We have entered into a share purchase agreement with SEP. Acquisition cost details cannot be revealed due to non-disclosure agreement,” he said.
According to him, SEP was part of Sun Edison Group and was in the business of rural electrification and solar water pumps. Based out of Singapore, SEP was incorporated during 2006. Promoted by Mr. Jain and Arun Mehta, Refex Solar had already acquired two entities — Sun Edison Clean Tech and SEI Tejas Pvt. Ltd. — to expand its rural electrification and solar water pump business.
Solar water pumps
“In the last six months, we have carried out rural electrification work in Andhra Pradesh, Chhattisgarh, Rajasthan, Madhya Pradesh, Uttar Pradesh and Tamil Nadu. We have installed 2,200 solar water pumps worth ₹37 crore. We have set ourselves a target of installing 25,000 solar water pumps in 18 to 24 months,” he said.
Regarding Refex Energy Ltd., (REL), he said it was started as solar engineering, procurement and construction firm and was now ranked among the top five players in the country in terms of cumulative installations (MWs).
“Till date, we have commissioned over 300 MW solar roof top projects in Maharashtra, Gujarat, Uttar Pradesh, Andhra Pradesh and Rajasthan. We have a strong pipeline of over 70 MW under various stages of execution,” he said.
Mr. Jain said that in his personal capacity (AJ Ventures and Investment), he has nurtured 15 start ups in the areas of artificial intelligence, software-as-a-service and augmented reality. “Last year, we invested $8.5 million and this year we will pump in $10 million,” he said.
He also said they would be opening an incubation centre in Chennai that would focus on renewable energy technology and remote monitoring system. It will become operational during January.