The Board of Directors of Chennai-based SunEdison Infrastructure (formerly YKM Industries) has approved formation of SIL Rooftop Solar as the company’s new subsidiary.
Significantly, the development comes after the company noted in its annual report a frenzy in installation of mini solar plants on rooftops across India.
“Some Government Departments like Railways and other Navaratna’s have called for tenders to install such plants over their factories and ofﬁces. In the days ahead, we are expecting many more such tenders for distributed rooftop solar plants with guaranteed purchase of power by these enterprises to reduce their energy costs”—read the company statement in its annual report for FY2018-19.
The company, which is into trading and EPC segments, commenced its operations during the year 2018-19 and achieved a turnover of Rs57 crore (US$8 million) with a net profit of Rs15.6 lakh (US$0.022 million).
It has three wholly owned subsidiaries in solar space: SEI Tejas, Ishaan Solar and SEI Solartech. Both SEI Tejas and Ishaan Solar are engaged in the business of design, engineering, installation and maintenance of solar water pumps, and also trading of solar components. SEI Solartech is engaged in the business of setting up solar power plants and generating power. It also holds investments in entities which are in similar businesses of installation and commissioning of solar power plants and solar water pumps in rural and agricultural areas, respectively.