V-guard Industries has acquired stake in Gegadyne Energy for a cash consideration of Rs 33 crore.
Speaking in an interview to CNBC-TV18, V Ramachandran, Director & COO of the company said, “This company is a startup in energy storage space, they have excess to next generation technology. Therefore, with this initiative we are looking to fundamentally access the next generation battery technology for domestic application primarily for inverter battery business.”
Therefore, said Ramchandran, we have tested pilot quantities of batteries and we are extremely satisfied with that.
On business front, he said that the company will look at inorganic growth as and when opportunities arise. “As far as our cash position is concerned, it’s a healthy cash position and our view is to maintain this cash position so that it positions us to be able to participate in any inorganic opportunity, should they arise,” said Ramchandran.
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