Gensol Engineering Signs INR 350 Crore Deal for US Subsidiary of Scorpius Trackers
Mumbai: Gensol Engineering Limited, a leading player in India’s renewable energy sector, has signed a non-binding Term Sheet for a strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc., for INR 350 crore.
The deal includes the transfer of exclusive and global Intellectual Property (IP) rights, except for India, for Scorpius Trackers’ advanced solar tracking technology. The transaction is expected to be completed in two tranches by March 2026, subject to due diligence, customary approvals, and closing conditions.
The proceeds from this transaction will be redeployed to expand Scorpius Trackers’ operations in India, fuel solar EPC business growth, and support Gensol’s broader clean energy initiatives.
Anmol Jaggi, Chairman and Managing Director of Gensol Engineering Limited, stated, “This deal is a testament to the inherent value within Gensol’s subsidiaries and the strength of our innovation-driven approach. The monetization of Scorpius Trackers’ US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position.”
The deal allows Scorpius Trackers Pvt. Ltd., India, to retain its IP for Indian projects, ensuring continued innovation and market leadership in the Indian solar market. Shailesh Vaidya, CEO of Scorpius Trackers, added, “This agreement positions Scorpius Trackers for rapid growth in the US market while allowing us to retain our market focus in India.”
