Su-Kam Power Systems, an energy solutions provider, had sought the approval of its investors namely Reliance Group and Temasek Holding on expanding its solar business unit. This was confirmed by a top company official.
According to Su-Kam Power Systems Managing Director Kunwer Sachdev, "We have already made a subsidiary - SuKam Solar Energy Systems Ltd - and are planning to seek approval from our investors Reliance Group and Temasek Holdings for making it operational."
Reliance Group is led by Anil Ambani and Temasek Holdings is the investment arm of the Singapore government. Both have a 19.18% stake in Su-Kam Power Systems. In addition to the planned expansion, the energy solutions provider has plans to acquire other firms and expansion of its solar power business.
Sachdev added, "In the next five years, we do look at acquisitions as part of our expansion plans. Right now, we will fund our expansion through internal accruals, so we do not need an additional public offering."
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