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Shree Ganesh Jewellery acquires 55% stake in two solar PV firms for Rs. 1 billion

According to reports, the Rs 5,800-crore Shree Ganesh Jewellery House Ltd (SGJHL) has entered into solar power generation business by acquiring controlling stakes in two companies – Alex Astral Power Ltd and Alex Spectrum Radiation Ltd.

The Kolkata-based Sureka Group is the co-promoter in both the companies.

According to Mr Sharad Mohata, Finance Director, Shree Ganesh, Alex Astral Power has already commissioned a 25-MW solar power plant in Gujarat and Alex Spectrum is slated to commission a 5-MW solar project in Rajasthan in a week’s time.

SGJHL has invested approximately Rs 100 crore for acquiring 55 per cent equity stake in each of these solar PV (photovoltaic) companies. Alex Astral and Alex Spectrum have now become subsidiaries of SGJHL Group, Mr Mohata told Business Line.

Alex Astral has already signed a power purchase agreement (PPA) with the Gujarat Government at a tariff Rs 15 per unit or kilowatt hour for the first 12 years.

The Rajasthan project will be under the Jawaharlal Nehru National Solar Mission (JNNSM) and the company would get tax benefits for the project, Mr Mohata said.

The National Solar Mission project targets 1,100 MW grid power including roof-top by 2013. The scheme has announced generation based incentives of Rs 12 for PV solar and Rs 10 for solar thermal projects.

Responding to a query on SGJHL’s entry into solar power, Mr Mohata said, “We see a huge opportunity in this sector and we want to cash in on it.”

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