Chennai-based Indowind Energy Limited, which sells ready-to-buy wind farm projects and green power to corporates and electricity boards, will acquire a 20 per cent equity stake in Kolkata-based Revati Commercial Pvt Ltd, as per a stock market disclosure.
Financial details of the transaction, however, have not been disclosed by the companies.
In a meeting held on December 12, 2014, the board of directors of the company approved the proposed 20 per cent stake acquisition in Revati Commercial, which is engaged in setting up of 5,000 MT multi-purpose cold storage project in West Bengal.
The board also decided to study the viability for setting up solar projects on existing lands of the company, the statement said.
Founded in 2011, Revati Commercial is engaged in the trading of commodities like FMCG goods, electronic goods, equipment, metals, textiles and agro products, etc.
Chennai-based Indowind Energy is into developing wind farms for sale and also builds and operates its own installations.
The company’s services include green power sale, project management services and asset management services. Indowind Energy was founded in 1995 and is based in Chennai, Tamil Nadu.
For the quarter ended on September 30, 2014, Indowind Energy posted a consolidated total income from operations of Rs 9.83 crore with a net profit of Rs 0.14 crore compared with the same quarter in the previous fiscal.
(Edited by Joby Puthuparampil Johnson)