Gensol Engineering signs ₹350 crore deal for US Solar tracking subsidiary
Gensol Engineering Limited announced today it has signed a non-binding term sheet to sell its US subsidiary, Scorpius Trackers Inc., in a ₹350 crore ($42 million) deal. The transaction with an unnamed US renewable energy solutions provider includes the transfer of global intellectual property rights for Scorpius’ solar tracking technology, excluding rights for the Indian market.
The shares of Gensol Engineering Limited were trading at ₹568.60 down by ₹3.35 or 0.59 per cent on the NSE today at 11.10 am.
The deal will be executed in two tranches, with completion expected by March 2026, subject to due diligence and regulatory approvals. Gensol plans to use the proceeds to expand Scorpius Trackers’ operations in India and grow its solar EPC business.
“This deal is a testament to the inherent value within Gensol’s subsidiaries,” said Anmol Jaggi, Chairman & Managing Director of Gensol Engineering Limited, in the company’s statement.
While the US subsidiary and global rights will be transferred, Scorpius Trackers Pvt. Ltd. in India will remain a wholly owned subsidiary of Gensol Engineering, retaining IP rights for Indian projects.
Gensol Engineering, established in 2012, operates in solar power engineering, procurement, and construction services. The company has diversified into electric mobility with a manufacturing facility in Pune capable of producing 30,000 vehicles annually, and also offers EV leasing services.
