Trans-India Acquisition Corporation has entered into a merger agreement with Solar Semiconductor Ltd. whereby it will acquire over 80% of privately held Solar Semiconductor shares. The PV module manufacturer’s current annual module capacity is 75MW at its manufacturing facility in Hyderabad, a figure that will be further augmented following the completion of the “campus” facility, also in Hyderabad, that will add an additional 120MW of module capacity by Q109.
The merger with Trans-India Acquisition Corporation will ease the pressures in the current financial climate and contribute towards the continuation of Solar Semiconductor’s expansion plans, as well as the increase in production to meet current orders. The “campus” facility, which is near completion, according to the company, will also allow for solar cell capacity of 30MW by the second quarter of 2009, and a further 30MW of capacity by the fourth quarter of 2009.
“Solar Semiconductor’s strategic positioning in the high growth-potential clean energy sector and its remarkably rapid expansion excited us to merge both companies to deliver attractive returns to our shareholders,” said Bobba Venkatadri, President and CEO of Trans-India Acquisition Corporation.
“Access to capital markets is critically important for us to become market leaders in our sector. We are pleased to merge with Trans-India Acquisition which will enable us to fuel our rapid growth and timely execute our business strategy,” said Hari Surapaneni, President and CEO of Solar Semiconductor.