MIMS set to become majority shareholder in Usolar

Agrees to buy 25% more stake at Rs7.9cr to raise it to 51%

BENGALURU: Malabar Institute of Medical Sciences Ltd (MIMS), a material subsidiary of Aster DM Healthcare Ltd, has entered into definitive agreements on July 19, 2024 to acquire additional 25 per cent stake in Usolar Assetco Two Pvt Ltd from U-solar Clean Energy Solutions Pvt Ltd.

According to a filing made by Aster DM Healthcare to the stock markets, the cost of acquisition is Rs7.88 crore. Usolar Assetco Two is engaged in electric power generation using solar energy

Majority stake

Once the deal is through, MIMS that currently holds about 26 per cent of shareholding in USOLAR will raise it to 51 per cent, thus qualifying MIMS to be the majority shareholder in Usolar Assetco.

USOLAR has a paid-up capital of Rs2 lakh and a net worth of Rs15.76 crore as on March 31, 2024. USOLAR was incorporated on April 11, 2023 and yet to commence operations.

USOLAR business

USOLAR is engaged in the business of building, developing, installing, commissioning, operating and maintaining solar power plants in India, and delivering electricity thus generated to various industrial and commercial consumers. “The relevance of energy companies is so great now that even healthcare companies too are keen to acquire such entities,” said an electricty power expert while talking to businessbenchmark.news

MIMS intends to meet a part of its total electricity requirement at its facility through renewable sources of electrical energy and has accordingly approached the power producer to set up a captive solar power plant,

Pursuant to mutual discussions, USOLAR agreed to build, develop, install, commission, operate, manage, and maintain a 10 MW captive solar power plant at the Project Site in Kerala.

According to the arrangement, MIMS will purchase 100 per cent of the net electricity output generated by USOLAR.