Trans-India Announces Reverse Merger With Solar Semiconductor

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 expects to reach $140 million this year. The consolidated revenues for first two quarters is $54.5 million.

The company plans to use the money to further its expansion, including acquisitions. The reverse-merger will be done through share-swap and the merger agreement is expected to get regulatory approvals by February next year. Solar Semiconductor's shareholders will get TIL's shares valued at $8. Also the performance based part of the deal will depend upon Solar Semiconductor's adjusted net income for FY10.

TIL was listed on AMEX in February 2007 and was looking for acquisitions in the lifesciences sector. TIL is led by Bobba Venkatadri, Nalluru Murthy.

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