Kolkata: Kolkata based manufacturer and exporter of handcrafted gold jewellery Shree Ganesh Jewellery House has acquired the controlling stake in Alex Astral Power and Alex Spectrum Radiation. The company has invested around 100 crore to acquire a 55 percent equity stake in each of the companies. As part of the investment, Alex Astral and Alex Spectrum have become the subsidiaries of Shree Ganesh Jewellery House.

Alex Astral has already signed a power purchase agreement with the Government of Gujarat and has commissioned a 25 MW solar power plant. It is a part of the second phase of the solar power project. Alex Spectrum is scheduled to commission a 5 MW solar project in Rajasthan under the Jawaharlal Nehru National Solar Mission by next week, slated which the company would be getting tax benefits for the same.

The Jawaharlal Nehru National Solar Mission project is targeting a 1,100 MW grid power including roof-top by 2013 and has announced generation based incentives of 12 for photovoltaic solar and 10 for solar thermal projects.

Shree Ganesh Jewellery House is an exporter of handcrafted gold, gold enameled jewellery and gold jewellery studded with precious and semi-precious stones. It had raised 80 crore from Credit Suisse PE Asia in 2008. The PE firm was reported to have made a part exit from the company in 2012 with a return of 73-80 percent on its investment. The exit saw Axis Bank, ICICI Securities, and Avendus Capital don the role of running lead managers.

The company was incorporated in 2002 and went public in 2007. Its executives include Nilesh Parekh, Unesh Parekh, Sharad Mohata, and Pawan Singh Ingty.