Auto industry giant Ashok Leyland has taken 26% stakes in a Prathama Solarconnect Energy Pvt Ltd (PSEPL) for Rs.18.66 crore. PSEPL is the Hinduja Group’s flagship company, it has recorded zero revenues as of March 31, 2020, with a loss of Rs.76.97 lakhs in the same year, it was incorporated in the year 2019.
The acquisition made by the commercial vehicle maker was to get solar power at the subsidized rate under the group captive scheme. A solar park of 70MW capacity started by Ashok Leyland is expected to be completed in 2021.
“This project will be set up with the company as a captive user and “Prathama Solarconnect Energy Private Limited” as the power producer”, Ashok Leyland had stated in its 2019-20 annual report.
Ashok Leyland had taken up a 5MW rooftop solar project on priority with Hinduja Renewable Energy at Pantnagar, Alwar, and Bhandara Plants and completed it in April 2019. There are as many as 10 companies engaged in renewable and solar energy generation business that are part of the Hinduja Group and collectively referred to as Hinduja Renew Group.