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Dynamic Services And Security Limited Acquires 41.10 per cent Stake in Solace Cogen Private Limited

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| February 22, 2024 5:56:23 PM IST
PNN

Mumbai (Maharashtra) [India], February 22: Dynamic Services and Security Limited (NSE: DYNAMIC), premier provider of Security Guarding and Manpower Solutions, Kolkata in an arrangement with Solace Cogen Private Limited (SCPL), Maharashtra is acquiring a 41.10% stake in SCPL for an undisclosed amount. As part of the consideration, DSSL will acquire 616500 shares of SCPL of the value of Rs10 each from existing owners of SCPL. SCPL existing management will retain ownership and control of all current and future debts.

SCPL is setting up a solar-thermal based panel manufacturing facility of 20 MW and DSSL will ensure funding and completion of the projection as part of its arrangement to acquire stake in SCPL funding the planned capex.

SCPL is a profit-making enterprise and the investment will be an EPS accretive acquisition. DSSL is currently executing a 720kw solar project in Kakdwip, West Bengal. Additionally, SCPL will be instrumental for handling all solar projects undertaken by DSSL.

The arrangement between DSSL and SCPL will enable DSSL to invest in solar infra projects specifically in Maharashtra and West Bengal as well as across India. DSSL will not only undertake projects based in Maharashtra but also ensure pan India scale of operations with the solar panel manufacturing facility of SCPL.

Comment on the Acquisition by Jugal Kishore Bhagat, Managing Director, Dynamic Services and Security Limited said, "I'm thrilled to announce our acquisition of substantial stake in Solace Cogen. This strategic move not only expands our presence in West Bengal for solar operations, but also in the state of Maharashtra where we see tremendous potential for growth in solar business. It also aligns with our commitment to sustainable energy solutions. With joint oversight and support, we look forward to leveraging synergies for mutual growth and success. We will facilitate the setup of Solace's solar panel manufacturing facility to demonstrate our commitment towards investing in sustainable green infrastructure and driving positive environmental impact. By catalyzing Solace's expansion plans, we not only contribute to their growth but also position ourselves as a key player in the renewable energy space.

Through joint oversight, transparent governance, and collaborative partnership, we aim to maximize value creation for both companies. Together, we're poised to drive innovation, profitability, and sustainability in the renewable energy sector. This partnership marks a significant milestone in our journey, and we're eager to embark on this exciting chapter of growth and success.

Comment on the Acquisition by Mahesh Rajaram Rane, CEO, Solace Cogen Private Limited said, "we are pleased to announce that Dynamic Services and Security Limited (DSSL) has expressed interest in acquiring our business operations located in Maharashtra. We appreciate the proposed agreement, which allows us to benefit mutually. The funding arrangement for our solar panel manufacturing facility aligns with our growth plans, and we are committed to implementing DSSL's solar projects profitably. We are confident that this partnership will be mutually beneficial and look forward to our association with DSSL".

(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)

 
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