Swelect Energy to invest Rs22 cr in HHV Solar Tech

Tamil Nadu-based Swelect Energy Systems Ltd on Monday announced its plan to invest Rs22 crore in HHV Solar Technologies Pvt Ltd, a Bangalore-based company.

This would be done through subscription of equity shares in the company and by the purchase of the stake held by SIDBI Venture Capital Ltd in HVV, Swelect Energy said in a statement to the stock exchanges.

The board of directors of Swelect had on 7 January approved subscription to 10,15,079 shares in HHV Solar Technologies and purchase of 8,17,391 equity shares from SIDBI Venture Capital Ltd that it held in HHV Solar.

The board has authorised Swelect Energy's managing director R Chellappan, to handle the transaction.

Swelect Energy was formerly Numeric Power Systems, a major player in the uninterruptible power supply business. Last year, Numeric Power sold its UPS business and decided to concentrate on solar power and was renamed Swelect Energy.