GEF Capital Partners-backed solar cell manufacturer Premier Energies Ltd is set to enter the power transmission sector with the acquisition of a majority stake in a Hyderabad-based transformer manufacturing company.
Premier Energies has agreed to acquire a 51% stake in the transformer maker Transcon Ind Ltd for Rs 500 crore (around $57 million), according to a stock-exchange filing.
In another exchange, Premier Energies said it has also acquired a 51% stake in Pune-based solar inverter manufacturing company KSolare Pvt Ltd for Rs 86.7 crore (around $9.8 million). The remaining 49% was acquired by Syrma SGS Technologies Ltd for Rs 83.3 crore.
Transcon was founded just two months back in August 2025, to make and sell transformers.
Premier Energies said that the acquisition allows it to “diversify into power transformer manufacturing and immediately establish a presence in this critical segment".
The company said that the acquisition will allow it to become “a full-spectrum energy solutions provider by bridging the gap between generation and transmission.”
The exchange filing added, “It [Transcon acquisition] enhances our ability to deliver integrated energy solutions and cross-sell products to a broader customer base,” the company stated.
Premier Energies is India’s second-largest solar cell and module manufacturer.
Meanwhile, KSolare operates a manufacturing facility in Pune with a production capacity of 500,000 inverters per annum. It specializes in designing and manufacturing a wide range of solar inverters including on-grid, off-grid, and hybrid models mainly for the residential market. In 2024-25, it recorded revenue of Rs 342 crore, up from Rs 226 crore in 2023-24 and Rs 145 crore in 2022-23.
Highly profitable bet
Premier Energies has delivered spectacular returns for GEF Capital. This June, GEF had divested almost half its remaining stake in Premier Energies.
GEF offloaded a 5.5% stake in the company for Rs 2,629 crore, which was around half of the 11.1% it held before this partial exit. This was GEF’s third exit from the company in which it had sold shares worth Rs 1,215 crore when it went public in August last year and worth Rs 507 crore a week before the listing, in a pre-IPO secondary share sale. The company listed at more than twice its IPO price in September last year.
GEF initially owned a 21% stake in the company, having invested Rs 177 crore in it in September 2021 from its second fund--the South Asia Growth Fund II, which succeeded the South Asia Clean Energy Fund.
