Solar Solutions and EV Charger Manufacturer Acquires 27% Stake in Rhine Solar Ltd., Bolstering Solar Manufacturing Capabilities

Servotech Renewable Power System Limited has entered into a Share Purchase Agreement dated June 20, 2025, to acquire a 27% post-money equity stake in Rhine Solar Limited for a total consideration of ₹12.14 crore. This move involves the purchase of 9,50,106 shares at ₹127.88 per share and is aimed at reinforcing Servotech’s solar sector operations through stronger backward integration.

Founded on December 21, 2014, Rhine Solar operates across India and is engaged in the production of solar products, including panels, lamps, lighting systems, and home solar kits. The transaction is expected to conclude within 90 days.

Rhine Solar has shown strong growth momentum, recording a provisional revenue of ₹82.41 crore for FY 2024–25, a significant increase from ₹60.01 crore in the previous financial year. Through this investment, Servotech will enter the photovoltaic (PV) module manufacturing space by leveraging Rhine Solar’s ALMM-compliant manufacturing facility and technical know-how. The company aims to expand Rhine Solar’s current production capacity from 100 MW to 600 MW within the next year to meet growing domestic and international demand.

This acquisition aligns with Servotech’s broader strategy of enhancing its solar energy and EV charging portfolio. It will improve control over its supply chain, boost product quality, and increase cost competitiveness. The integration is expected to drive innovation, streamline operations, and solidify Servotech’s position as a leading provider of comprehensive clean energy solutions.