Sangam Renewables, a Waaree Group company, has completed the sale of its entire stake (51%) in step-down arm Waacox Energy to Aditya Birla Renewables for INR 41,60,35,305.
Sangam Renewables is a Mumbai-headquartered commercial and industrial solar solutions provider. The comapny, along with Aditya Birla Renewables, co-developed 24 MWp of solar plants through Waacox Energy. These projects benefit from power purchase agreements with Maharashtra discom Mahagenco.
Aditya Birla Renewables, which earlier held a 49% stake in Waacox Energy, shall now own a 100% stake in these assets.
Sangam Renewables shall use the proceeds to reduce its short-term debt.
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