Hyderabad Firm Expands Into a New Business Sector

Hyderabad based Standard Engineering Technology Limited (SETL) has entered the data center engineering sector. The company announced that it is acquiring a 51 percent stake in Hyderabad based GScale Energy Private Limited. Managing Director Nageswara Rao Kandula said the company will invest Rs.190 crore in the first phase along with a strategic share swap agreement with existing shareholders.

SETL plans to invest a total of Rs.500 crore for the acquisition of GScale. The funds will be used for stake acquisition, capacity expansion, and working capital requirements. The company said the entire investment will be financed through internal resources. The data center platform is expected to commence operations by November.