Gensol Engineering Limited has announced the signing of a non-binding term sheet for the sale of its US subsidiary, Scorpius Trackers Inc., in a deal worth ₹350 crore ($42 million). The agreement with an undisclosed US renewable energy solutions provider includes the transfer of global intellectual property rights for Scorpius’ solar tracking technology, excluding rights for the Indian market.
At 11.10 am today, the shares of Gensol Engineering Limited were trading at ₹568.60, down by ₹3.35 or 0.59 per cent on the NSE. The deal is set to be completed in two tranches, with the finalization expected by March 2026, pending due diligence and regulatory approvals. Gensol intends to utilize the proceeds from the sale to enhance Scorpius Trackers’ operations in India and expand its solar EPC business.
Anmol Jaggi, the Chairman & Managing Director of Gensol Engineering Limited, expressed, “This deal underscores the inherent value in Gensol’s subsidiaries.” While the US subsidiary and global rights will be transferred, Scorpius Trackers Pvt. Ltd. in India will continue as a wholly owned subsidiary of Gensol Engineering, retaining IP rights for Indian projects.
Established in 2012, Gensol Engineering operates in solar power engineering, procurement, and construction services. The company has also ventured into electric mobility with a manufacturing facility in Pune capable of producing 30,000 vehicles annually, along with offering EV leasing services.
The deal marks a significant milestone for Gensol Engineering as it looks to further strengthen its presence in both the renewable energy and electric mobility sectors.
