Premier Energies is now in the transformer manufacturing business, which is a significant step in the company's goal to be a fully integrated clean energy solutions provider. The company stated on Thursday it has acquired a controlling 51% interest in Transcon Industries for a total value of ₹500.3 crore.
In the statement, Premier Energies stated the acquisition supports its strategy to bolster its position across the renewable energy value chain. Premier Energies has formally entered the rapidly growing transformer market with this acquisition, which is expected to expand as renewable capacity additions grow and the Indian economy electrification continues.
"This investment marks our foray into the fast-growing transformer business on the back of surging renewable power capacity addition and growing electrification of the economy," Premier Energies MD & CEO Chiranjeev Saluja said.
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Transcon Industries manufactures a wide variety of transformers from solar to distribution transformers. The acquisition provides Premier Energies with the chance to provide integrated and bundled power solutions to producers, DISCOMs, and industrial customers. Over time, Premier Energies will eye the medium, high, and extra-high voltage segments for value-added products in off preferencing to higher value products.
Premier Energies is already a notable player in the solar cell/module manufacturing process and is scaling to achieve a 10 GW fully integrated capacity across ingots, wafers, cells, and modules. The company is also preparing to go into battery storage and inverter manufacturing thus fulfilling its obligation as a major player in transforming India to clean energy.
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