Solar Pumps Manufacturing Company Incorporates a New Subsidiary in Uganda for Generation of Power Using Renewable Sources of Energy
The company has a market cap of Rs 570 crore and shares have an ROE of 53 per cent and an ROCE of 40 per cent.
Sahaj Solar Limited announced the incorporation of its subsidiary, Sahaj Renewable Power Limited (Private Limited by Shares), on October 31, 2024, in Uganda. This newly formed entity aims to engage in the generation, accumulation, distribution, and supply of solar energy for various consumers, including governments, state electricity boards, and industrial units. As a newly incorporated company, Sahaj Renewable Power Limited has not yet commenced operations and consequently has no existing size or turnover. The acquisition of this subsidiary does not fall within related-party transactions, and no governmental or regulatory approvals are required for its incorporation. Sahaj Solar Limited holds a 75% stake in the newly formed subsidiary.
Earlier, the company achieved a significant milestone by securing a contract from the BSF to install two 25 kW off-grid solar power plants. This project, valued at approximately Rs 15.54 crore, will be executed at BSF Gopalpur and BSF Cooch Behar. In parallel, the company has initiated discussions with Cliantech Solutions and Technologies LLP to establish a 1.5 GW solar module production line, demonstrating its focus on both project execution and domestic manufacturing capabilities to meet the rising demand for solar energy solutions.
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About the Company
Sahaj Solar Limited is a renewable energy company established in 2010. Their primary operations involve manufacturing solar PV modules at their 100 MW capacity plant in Bavla, Ahmedabad, Gujarat. This facility produces mono and polycrystalline modules for domestic and international solar projects, including advanced PERC technology. Additionally, the company specialises in providing solar water pumping systems and offers comprehensive EPC services across India, ranging from small residential installations to large-scale solar power plants.
The company has a market cap of Rs 570 crore and shares have an ROE of 53 per cent and an ROCE of 40 per cent. The stock is up by 52 per cent from its 52-week low of Rs 342 per share. Investors should keep an eye on this solar pump stock.
Disclaimer: The article is for informational purposes only and not investment advice.