Indian fintech MOS Utility to branch out into solar power sector

Indian fintech firm MOS Utility Ltd (NSE:MOS) announced on Saturday that it plans to expand into the solar power sector, a move it said would diversify its business and allow it tap into the growing demand for renewable energy solutions.

MOS Utility’s board has approved a proposal to add solar-related activities to the object clause of the company's memorandum of association. The new business activities will include manufacturing, assembling, and trading solar products such as panels, cells, batteries, energy storage devices, and other parts and components, in dealings encompassing India or abroad.

The proposal is subject to shareholder approval.

“By broadening our portfolio, we aim to tap into new revenue streams, enhance our market presence, and drive longterm growth,” said Chirag Shah, MOS Utility’s co-founder and executive director.

MOS Utility was incorporated on July 27,2009, as a provider of digital products and services in the B2B, B2B2C and financial technology sectors. It says it is currently in the business of fintech, travel, insurance, utility and other services.

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