Hyderabad-based solar module manufacturer Surana Solar has announced the divestment of 49% of its equity stake in Surana Technologies, a wholly owned subsidiary. Baidyanath Power, a third-party entity not belonging to the promoter or group companies associated with Surana Solar, will buy the equity stake for ₹20.36 million (~$238,036).

The transaction is expected to be completed by May 30, 2025, subject to customary closing conditions.

Surana Technologies is implementing a 54 MW solar power project in Maharashtra. As the business operations are yet to commence, the subsidiary has not contributed to the parent company’s turnover, income, or net worth during the last financial year.

Following this divestment, Surana Technologies will no longer be a wholly owned subsidiary but will continue as a subsidiary of Surana Solar. The company confirmed this is not a related party transaction and has been executed on an arm’s length basis. Additionally, as this is not a slump sale, the disclosure requirements specific to amalgamations or mergers are not applicable.

The company recorded a total income of ₹399.81 million (~$4.68 million) in the financial year 2025, compared to ₹188.65 million (~$2.21 million) last year. It generated ₹97.51 million (~$1.14 million) from the sale of solar products, ₹287.91 million (~$1.14 million) from trading, and ₹2.59 million (~$30,278) from the sale of renewable energy. The company also swung to a profit of ₹585,000 (~$685) from a loss of ₹12.59 million (~$147,211) last year.

Solar companies secured $4.8 billion in corporate funding in 39 deals in the first quarter of 2025, a 41% year-over-year decrease from $8.2 billion raised in 42 deals. However, funding increased 20% quarter-over-quarter compared to $4 billion raised in 40 deals in the fourth quarter of 2024. These figures were revealed in Mercom Capital Group’s Q1 2025 Solar Funding and M&A Report.