Trans-India (Bobba Venkatadri, Founder Chairman) will acquire at least an 80% stake in Solar Semiconductor for $375 million . New Delhi : Trans-India Acquisition Corporation (TIL), a blank check firm backed by former ICICI Bank chairman N Vaghul, has announced its reverse merger with Hyderabad-based photovoltaic (PV) modules maker Solar Semiconductors Ltd (Hari Surapaneni, Chairman and Managing Director). TIL will acquire at least an 80% stake for $375 million. TIL is also assuming long-term indebtedness in excess of $50 million of Solar Semiconductor. There are also some riders on the deal. The purchase price will be increased or decreased based on certain performance-based measurements. Solar Semiconductor has manufacturing plants located in Hyderabad with capacity for 75 MW of module production. It is also developing another facility, with capacity for both PV module and solar cell manufacturing, in SEZ in Hyderabad. The firm reported revenues of $15.2 million in FY08, and expec...
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