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New Delhi: Gensol Engineering Limited has signed a non-binding Term Sheet for an ₹350 crore strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc., to a major renewable energy solutions provider in the US. The agreement includes the transfer of exclusive and global Intellectual Property (IP) rights, excluding India, of Scorpius Trackers’ advanced solar tracking technology.
The transaction will be executed in two tranches, with full closure expected by March 2026, subject to due diligence, regulatory approvals, and closing conditions. The move aligns with Gensol’s strategy to monetize high-value assets, unlock capital, and reinvest in core renewable energy growth areas, further strengthening its financial position.
Anmol Jaggi, Chairman & Managing Director, Gensol Engineering Limited, said, “This deal is a testament to the inherent value within Gensol’s subsidiaries and the strength of our innovation-driven approach. The monetization of Scorpius Trackers’ US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position. This marks a significant milestone in our journey to enhance shareholder value and accelerate our leadership in renewable energy.”
The proceeds from the transaction will be reinvested into expanding Scorpius Trackers’ operations in India, scaling solar EPC business growth, and supporting Gensol’s broader clean energy initiatives. The reinvestment strategy is designed to improve cash flow, strengthen the balance sheet, and create sustained value for shareholders.
While global IP rights (excluding India) will be transferred to the US entity, Scorpius Trackers Pvt. Ltd., India, will remain a wholly owned subsidiary of Gensol Engineering, ensuring continued innovation and market presence in India’s solar sector.
Shailesh Vaidya, CEO, Scorpius Trackers, said, “This agreement positions Scorpius Trackers for rapid growth in the US market while allowing us to retain our market focus in India. The partnership will strengthen our technology presence globally and enable us to capitalize on the immense growth potential in India’s solar sector.”
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