Environ buys Shell India solar biz

Environ Energy Global Pvt Ltd, a solar energy solution provider, has acquired Shell Overseas Investments BP, the solar business unit of petroleum major Shell Group in India and Sri Lanka.

The acquisition would give it employee strength of 600, mostly power engineers.

Without divulging the cost of acquisition, Jyoti Poddar, chief executive officer of the company, said several international banks were involved in funding the deal while some money came from internal accruals.

Turnover was expected to rise to Rs 150 crore by the end of this fiscal from Rs 35 crore now.

Besides India and Sri Lanka, the company would expand in countries like Vietnam, Indonesia, the Philippines and African markets.

"We are looking to expand in European markets such as Germany, UK and Spain too, apart from USA," he added.

The company was keen on acquisitions abroad.

"We are looking for acquisitions in Europe and Asia where 25 per cent of funds would be from internal accruals and the rest from foreign banks," Poddar explained.

The potential of the solar energy market in India was huge as currently, only 40MW came from solar energy in India.

Every 1000MW of solar power meant business opportunity of $2 billion.

Shell Overseas Investments BV had a turnover of Rs 75 crore and in India and Sri Lanka, nearly 400 employees.