Reliance Industries Ltd has agreed to pick up a 88% stake in renewable energy services firm Kanoda Energy Systems Pvt. Ltd for about $10.7 Mn in cash.
The investment was made through its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd. The total investment is likely to be completed by March 2020.
Kanoda Energy Systems Pvt. Ltd was established in 2004 as an incubation project by Research Scholars at Georgia Institute of Technology, USA. It is a renewable energy Services Company incorporated on August 27, 2007.
Kanoda Energy offers services in solar advisory, product design and technology validation. It has recently entered the engineering, procurement & construction (EPC) and operation & maintenance (O&M) ofsolar photovoltaic (PV) systems, size ranging from kW to MW scale.
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