As a part of its diversification and business expansion strategy, Nettlinx has acquired controlling 51% stake in Sri Venkateswara Green Power Projects, a company involved in developing and implementing a viable and environmentally sustainable 12 MW power plant, a renewable energy project.
The proposed state-of-the-art power plant, converts GHMC waste into energy, is being developed in the GHMC south zone located about 50 kms from the Telangana State Secretariat. The project will be operational in about 18 Months time.
Manohar Loka Reddy, Chairman, Nettlinx, said, "The investment and acquisition is strategic in nature, considering the company's decision to diversify into sunrise business segments. We are confident of successfully executing this prestigious project, not just help us diversify but also brings in synergies to both the entities." He also adds that the total power project cost is around 200 Crores and would be funded with an equity infusion of 60 Crores, out of which Nettlinx will contribute 51% through its internal accruals.
Shares of the company declined Rs 0.85, or 0.78%, to trade at Rs 107.95. The total volume of shares traded was 1,082 at the BSE (11.26 a.m., Wednesday).