Bhoruka Power Corporation (BPCL), part of the Bhoruka Group, has bought out Bangalore-based SLS Power Industries for Rs 80 crore. The acquisition, which includes debt, has been funded Rs 50 crore by two banks. The remaining Rs 30 crore came from BPCL's internal accruals.
SLS Power Industries has two hydro power stations in the Cauvery and Tungabhadra basins, with a total capacity of 12MW in Karnataka. With this acquisition, BPCL's power production capacity has touched 100MW.
BPCL, which specialises in mini hydro power and wind energy projects, registered a Rs 67 crore turnover last fiscal. "The acquisition is part of our growth strategy to achieve Rs 200 crore in revenues by 2009," S N Agarwal, chairman, Bhoruka Group, said.
Read more in The Business Standard article.
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