- **Citizen Solar Limited began life in 1994 as a yellow-pages directory business in Gujarat, spent two decades as a print-era local-search company, and then executed a complete transformation: it absorbed a solar-panel trading entity, changed its name, and reclassified itself as a renewable-energy company. The recurring approach is to own the full chain - from making the panel to installing the system - rather than being just a trader or a contractor.** # Business segments A single integrated solar-energy business, built by merging a legacy advertising company with a solar manufacturer, that now makes panels, designs systems, and installs them - all under one roof. ## 1. Solar manufacturing and energy systems: the company's entire operating business **It makes solar panels in its own factories, then sells them directly or through turnkey installation projects - capturing margin at both the factory gate and the rooftop.** - **Two factories in Gujarat** - the company operates manufacturing Unit 1 at Village-Indrad and Unit 2 at Village Ankhol, both on the Chhatral Kadi Road in Mehsana district, giving it in-house production capacity rather than relying on third-party suppliers. - **Makes the panel, not just the sale** - the manufacturing scope covers photovoltaic cells, module assembly, and poly-silicon technology, so the company controls quality and cost from raw material to finished panel. - **Installs what it makes** - beyond manufacturing, the company provides EPC (engineering, procurement and construction) services, acting as a system integrator that designs and builds solar installations for households, industry, and commercial establishments, which means it earns project revenue on top of product sales. - **Also builds solar parks** - the business extends to setting up industrial plants and solar parks, moving it beyond rooftop installations into utility-scale ground-mounted projects. - **Consultancy feeds the pipeline** - the company offers project consultancy, product marketing, and management consultancy for solar energy systems, which positions it to spot installation opportunities early and steer them toward its own panels. # Group structure and partners **A family-controlled public company that merged with its own promoter-owned solar manufacturer, doubling the promoters' stake and bringing the entire solar value chain inside one listed entity.** - **Promoters consolidated control through the merger** - before the amalgamation, the promoter group held 34.77% of Citizen Infoline; after absorbing Citizen Solar Private Limited - which was owned by the same promoter families - their combined holding rose to 53.49%, aligning ownership tightly with the new solar strategy. - **The merger was a share-swap, not a cash deal** - CSPL shareholders received 11 shares of Citizen Infoline for every 1 share of CSPL they held, resulting in 86.46 lakh new shares being issued and CSPL dissolving without winding up, so the acquisition was funded entirely with equity. - **Board reshaped for the new business** - post-merger, the board was reconstituted with five new directors including the managing director's brother and son, and fresh audit and nomination committees chaired by chartered accountants, reflecting a governance reset to match the manufacturing and project-execution demands of a solar company. - **Listed on the BSE, sector reclassified** - the company trades under scrip code 538786 and has applied to move its sector classification to "Renewable Energy / Solar / Clean Energy Sector," signalling to the market that the legacy yellow-pages identity is retired.