Shree Ganesh Jewellery House invests Rs 80 cr in solar projects

Shree Ganesh Jewellery House Ltd (SGJHL) has invested nearly Rs 80 crore in solar business by buying 55 per cent stake each in two companies, marking its foray into renewable energy space.

The company has acquired 55 per cent in Alex Astral Power Ltd which has 25-MW solar power project in Gujarat and Alex Spectrum Radiation Ltd in Rajasthan with a total investment of nearly Rs 80 crore,

It has been said that several investors had shown interest in investing in the Alex Group subsidiaries, which had embarked on a massive 500 MW solar power project target in the next three years at an investment of Rs 5,000 crore.

The total investment in the Gujarat solar project was Rs 400 crore and implemented by Alex Astral Power Ltd. This project will generate Rs 60 crore revenue and so will not require SGJHL's funding for expansion in solar projects.

Shree Ganesh Jewellery House Limited completed its initial public offering (IPO) in March, 2010. The company is engaged in the manufacturing of hand-crafted gold jewellery.