MOS Utility Expands into Solar Power Sector

Mumbai based fintech firm MOS Utility Ltd., dealing primarily in digital products and services across various sectors, announced a strategic expansion into the solar power sector, signalling a significant shift in its business operations.

The move aims to diversify the company's portfolio and capitalise on the growing demand for renewable energy solutions. The company’s board has approved a proposal to amend the object clause of its memorandum of association to include solar-related activities. This strategic expansion will encompass the manufacturing, assembling, and trading of a range of solar products. These include solar panels, cells, batteries, energy storage devices, and other related components. The firm intends to conduct these activities both within India and internationally, broadening its market reach.

The proposal is pending approval from the company’s shareholders. If approved, this move will mark a significant shift from MOS Utility’s traditional focus. Founded on July 27, 2009, MOS Utility initially established itself in the digital products and services sector, specifically in B2B, B2B2C, and financial technology arenas. Over the years, the company has expanded its footprint to include services in fintech, travel, insurance, utility, and more.

Chirag Shah, Co-Founder and Executive Director of MOS Utility, emphasised the strategic importance of this expansion. saying, “By broadening our portfolio, we aim to tap into new revenue streams, enhance our market presence, and drive long-term growth. This new venture into the solar power sector reflects a broader trend of traditional companies diversifying into renewable energy markets as part of a sustainable growth strategy. The expansion into solar power represents a forward-looking approach for MOS Utility, aligning with global shifts towards sustainable energy and offering the company new opportunities in the burgeoning renewable energy sector."