The jewellery company is venturing into renewable energy market by buying majority stake in two companies engaged in solar power
Kolkata: Shree Ganesh Jewellery House Ltd (SGJHL) has invested nearly Rs80 crore in solar business by buying 55% stake each in two companies, marking its foray into renewable energy space, reports PTI.
"We have acquired 55% in Alex Astral Power Ltd which has 25-MW solar power project in Gujarat and Alex Spectrum Radiation Ltd in Rajasthan with a total investment of nearly Rs80 crore," SGJHL chairman Nilesh Parekh said here. Both companies are now its 55% subsidiaries.
Mr Parekh said several investors had shown interest in investing in the Alex Group subsidiaries, which had embarked on a massive 500 MW solar power project target in the next three years at an investment of Rs5,000 crore.
He said the total investment in the Gujarat solar project was Rs400 crore and implemented by Alex Astral Power Ltd.
"This project will generate Rs60 crore revenue and so will not require SGJHL's funding for expansion in solar projects," Parekh said.
Shree Ganesh Jewellery House Limited completed its initial public offering (IPO) in March, 2010. The company is engaged in the manufacturing of hand-crafted gold jewellery.
SGJHL was trading 1.4% higher at Rs79.15 per share on the Bombay Stock Exchange while the benchmark Sensex was down 1.4% at 17,094.