Hyderabad-based Premier Energies Limited (PEL) has announced that its board had approved acquiring a 5% stake in Hyderabad-based Transcon Industries Limited for INR 500.3 crore (~$ 666. 86 million). Transcon, established in 2003, manufactures power and distribution transformers. According to the company’s stock exchange filing, PEL will subscribe to 1,04,082 equity shares of Transcon at INR 48,069 per share, making it a subsidiary after completion. The acquisition marked PEL’s entry into the power transformer manufacturing segment and aimed to diversify its operations. The company stated that the move aligned with its goal of becoming an integrated energy solutions provider by connecting solar power generation with transmission infrastructure.