Gensol Engineering Sells US Arm Scorpius Trackers for Rs 350 cr

New Delhi, Feb 25 (PTI) Gensol Engineering on Tuesday said it has inked a pact for sale of its US subsidiary Scorpius Trackers Inc for Rs 350 crore to a major renewable energy solutions provider in the US.

The deal includes the transfer of exclusive and global intellectual property (IP) rights (except India) for Scorpius Trackers' advanced solar tracking technology, the company said in a statement.

According to the statement, Gensol Engineering -- a leading player in India's renewable energy sector -- has signed a non-binding term sheet for a Rs 350 crore strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc, to a major renewable energy solutions provider in the US.

This transaction underscores Gensol's strategy to monetise high-value assets, unlock capital from its subsidiaries, and reinvest in its core growth areas, strengthening the company's financial position, it said.

The deal will be completed in two tranches, with full closure expected by March 2026, subject to due diligence, customary approvals, and closing conditions, it said.

Proceeds from this transaction will be strategically redeployed to expand Scorpius Trackers' operations in the country, fuel solar EPC business growth, and support Gensol's broader clean energy initiatives.

This reinvestment aligns with the company's long-term vision to enhance cash flow and strengthen the balance sheet, ensuring sustained value creation for shareholders.

Gensol Engineering Chairman & Managing Director Anmol Jaggi said, "The monetisation of Scorpius Trackers' US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position."

While the deal transfers global IP rights (excluding India) to the US entity, Scorpius Trackers Pvt Ltd, India, remains a wholly owned subsidiary of Gensol Engineering, continuing to focus on the Indian market.

Scorpius India will retain its IP for Indian projects, ensuring continued innovation and market leadership in one of the world's fastest-growing solar markets.

Scorpius Trackers CEO Shailesh Vaidya added, "The partnership will strengthen our technology presence globally and enable us to capitalise on the immense growth potential in India's solar sector."

Gensol Engineering's strategic approach to subsidiary monetisation reinforces its capital-efficient growth strategy, ensuring value realisation from high-potential assets, the statement added.