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Gensol Engineering Signs INR 350 Crore Deal for Scorpius Trackers Sale and IP Transfer

February 25, 2025. By News Bureau

Gensol Engineering Limited has signed a non-binding Term Sheet for an INR 350 crore strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc., to a major Renewable Energy Solutions provider in the US.

The deal includes the transfer of exclusive and global Intellectual Property (IP) rights (except India) for Scorpius Trackers' advanced solar tracking technology.

This transaction underscores Gensol’s strategy to monetize high-value assets, unlock capital from its subsidiaries, and reinvest in its core growth areas, strengthening the company’s financial position. The deal will be completed in two tranches, with full closure expected by March 2026, subject to due diligence, customary approvals, and closing conditions.

The proceeds from this transaction will be strategically redeployed to expand Scorpius Trackers’ operations in India, fuel solar EPC business growth, and support Gensol’s broader clean energy initiatives. This reinvestment aligns with the company’s long-term vision to enhance cash flow and strengthen the balance sheet, ensuring sustained value creation for shareholders.

Anmol Jaggi, Chairman & Managing Director, Gensol Engineering Limited. "This deal is a testament to the inherent value within Gensol’s subsidiaries and the strength of our innovation-driven approach. The monetization of Scorpius Trackers' US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position. This marks a significant milestone in our journey to enhance shareholder value and accelerate our leadership in renewable energy.”

While the deal transfers global IP rights (excluding India) to the US entity, Scorpius Trackers Pvt. Ltd., India, remains a wholly owned subsidiary of Gensol Engineering, continuing to focus on the Indian market. Scorpius India will retain its IP for Indian projects, ensuring continued innovation and market leadership in one of the world's fastest-growing solar markets.

Shailesh Vaidya, CEO, Scorpius Trackers, added, “This agreement positions Scorpius Trackers for rapid growth in the US market while allowing us to retain our market focus in India. The partnership will strengthen our technology presence globally and enable us to capitalize on the immense growth potential in India's solar sector.”

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Business

Gensol Engineering Limited.

Gensol Group

Investment

Renewable energy sector

Solar tracking technology

Clean energy transition

Solar markets

Anmol Singh Jaggi