Automobile parts maker Minda Industries, the flagship arm of the UNO Minda Group, has picked up a significant minority stake in Mumbai-based Strongsun Renewables Pvt Ltd.
Minda Industries has bought 27.55% stake for Rs 27 lakh, as per a stock market disclosure.
Details about the target, which deals primarily in solar power generation, couldn’t be ascertained immediately.
Minda Industries primarily supplies proprietary automotive solutions to OEMs (original equipment makers). It has made several acquisitions in the past.
For example, in October 2019, it fully acquired Germany-based automotive lamps engineering, design and testing company, Delvis Gmbh.
The renewables space has seen some large transactions, especially in the solar energy sector.
Last week, Virescent Infrastructure, a renewables energy platform backed by global asset manager KKR & Co, acquired the 76 megawatt (MW) India solar asset portfolio of Singapore-based Sindicatum Renewable Energy Company Pte Ltd.
Last month, Radiance Renewables announced that it had signed an agreement with Azure Power Global to acquire solar rooftop assets of 152.5 megawatt capacity, including 8.1 MW of under-construction and 18.5 MW of recently commissioned assets, for Rs 536.5 crore.
In March, Edelweiss Infrastructure Yield Plus concluded the acquisition of a controlling stake in the Indian solar energy assets of French utility Engie.
In December 2020, National Investment and Infrastructure Fund (NIIF), the country’s quasi-sovereign fund, led a $390 million funding round in Ayana Renewable Power.