PE-backed Tecpro Systems Ltd has acquired EverSun Energy Pvt Ltd, a Pune-based company engaged in engineering procurement and construction (EPC) of solar power projects, for an undisclosed sum, the company has said in a filing to the Bombay Stock Exchange.
EverSun is a renewable energy enterprise, specialising in product development, manufacturing, integration, installation, turnkey contracts and post-sales services & maintenance in solar photovoltaic and solar thermal space. EverSun has its corporate office in Bangalore and facilities in Pune, Hospet (Karnataka) and Jamshedpur.
Chennai-based Tecpro Systems, which has gone public two years ago, is backed by , besides Credit Suisse, Kotak Mahindra Capital and Macquarie Asia Pacific Co-Investment Fund LP. Metmin Investments owns around 8 per cent while Avigo Capital holds around 15 per cent stake in Tecpro. Metmin generated attractive returns in its part exit in the company’s IPO.
Incorporated in 1990, Tecpro is engaged in manufacturing, supply, erection and commissioning of material handling systems in India and abroad. The company supplies conveyor belt, slat conveyors and bucket elevators, and also manufactures crushers, screens and conveyor components. In July 2011, Tecpro also acquired Chennai-based for Rs 10.30 crore to expand into the water treatment sector.
At 11:29 am, shares of Tecpro Systems were trading at Rs 167.35 a unit on the BSE, up 0.97 per cent from the previous close.