Hyderabad-based Premier Energies and Syrma SGS Technology have decided not to proceed with the proposed acquisition of K-Solare Energy, an inverter manufacturer, through a joint venture.

Premier Energies said the decision followed mutual discussions and an evaluation of ‘evolving strategic considerations.’

The company said the parties had agreed to terminate discussions with K-Solare amicably and that there were no material financial implications arising from the decision.

In October last year, Premier Energies disclosed its proposed joint venture with Syrma SGS to acquire K-Solare. The company had stated that it would acquire 51% of KSolare Energy’s paid-up equity share capital by purchasing 2,550 equity shares at a total price of ₹867 million (~$9.11 million). Syrma SGS Technologies, an electronics manufacturing services company and part of the Mumbai-based Tandon group, would acquire the remaining 49%, bringing the total acquisition cost to ₹1.7 billion (~$17.86 million).

Premier Energies said it remains committed to the solar inverter and renewable energy electronics segment and is evaluating alternative approaches to develop the business.

In March this year, Premier Energies Global Environment, a subsidiary of Premier Energies, commissioned a 5.6 GW G12 R TOPCon solar module manufacturing facility in Seetharampur, Ranga Reddy district, Telangana.

Premier Energies secured orders to supply 1.6 GW of solar cells and modules, worth ₹25.77 billion (~$270.74 million) in the fourth quarter of the financial year (FY) 2026. The company said the contracts were awarded by a mix of domestic independent power producers, module manufacturers, and EPC contractors.

Premier Energies has commissioned a 1.4 GW TOPCon module manufacturing line and aims to scale its integrated solar manufacturing capacity across ingots, wafers, cells, and modules to 10 GW by FY 2028.

Expanding beyond solar manufacturing, the company is also entering adjacent businesses. It plans to launch 12 GWh of battery energy storage system capacity starting in FY 2026, backed by an investment of around ₹6 billion (~$63.04 million) by FY 2027.