Swelect Energy unit buys 49% in Gridnex Solar for INR 4.31 Cr

Swelect Energy Systems announced that its wholly owned subsidiary, SWELECT SolarKraft Private Limited, has entered into an agreement to acquire a 49% equity stake in Gridnex Solar Power Private Limited for INR 4.31 Cr. The strategic acquisition is intended to expand the company’s business footprint and is expected to augment its consolidated turnover on a sustained, long-term basis. The target entity is based in Haryana and is currently in the process of setting up grid-connected solar power plants.

Transaction Details

The acquisition involves the purchase of 4,900 equity shares, each with a face value of Rs.10, representing 49% of the total paid-up equity shares of Gridnex Solar Power Private Limited. The consideration for the transaction will be settled in cash. The deal is structured such that Apollo Green Energy Limited will continue to remain the majority shareholder, ensuring no change in control, management, or day-to-day operations of the target entity.

Target Entity Profile

Gridnex Solar Power Private Limited was incorporated on March 17, 2026, with a paid-up equity share capital of Rs.1,00,000. The company has not yet commenced commercial operations. As of March 31, 2026, the entity reported nil turnover and profit after tax (PAT), with a net worth of 0.01 (subscription amount to Memorandum of Association).

Parameter	Value (Rs. in Crore)
Turnover	Nil
PAT	Nil
Net worth	0.01

Business Objectives

The primary object of the acquisition is to bolster Swelect Energy Systems' presence in the solar power generation and distribution sector. Gridnex Solar is developing grid-connected Solar PV based Power Plants (SPP) with a total capacity of 80 MW, comprising 8 units of 10 MW each. These projects are being established under the Surya Mitra Krishi Feeders Scheme, which includes the feeder solarization component of the PM KUSUM-C scheme. The power generated from these plants will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL).

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.43%	+0.40%	+4.64%	+0.10%	+10.00%	+184.16%

Swelect Energy Systems approved the acquisition of 100% equity shares of USolar Assetco Four Private Limited for a maximum cash consideration of ₹3.30 crores to expand its solar power generation capabilities. The Investment Committee, exercising powers conferred by the Board of Directors, sanctioned the purchase on May 28, 2026. Post-acquisition, USolar Four will become a wholly owned subsidiary and establish a solar power plant with an initial capacity of up to 26.6 MWp DC under a group captive scheme. This strategic move is anticipated to increase the consolidated turnover of the company.

Acquisition Details

USolar Assetco Four Private Limited was incorporated on June 2, 2025, with a paid-up equity share capital of ₹10,00,000. The target entity is based in Karnataka and is yet to commence commercial production or operations. The size of the acquisition represents roughly 0.5% of the total consolidated operational revenue of Swelect Energy Systems for the year ended March 31, 2026. The transaction involves the purchase of 10,00,000 equity shares with a face value of Re.1 each, representing the entire shareholding of the target entity.

Financial and Operational Metrics

The latest financial parameters of the target entity indicate that it has not yet generated revenue or profit. The acquisition will be executed via a Securities Purchase Agreement or a similar definitive agreement with the selling shareholders. The consideration for the transaction will be paid in cash. Following the completion of the acquisition, the target entity will become a related party of the company.

Parameter	Details
Target Entity	USolar Assetco Four Private Limited
Acquisition Cost	Not exceeding ₹3.30 crores
Shares Acquired	10,00,000 equity shares (100%)
Face Value	Re.1 each
Plant Capacity	Up to 26.6 MWp DC
Target Turnover	Nil
Target PAT	Nil
Target Net Worth	₹0.10 crore

Strategic Rationale

The primary object of the acquisition is to enable USolar Four to set up a solar power plant under a group captive scheme. The line of business includes the erection and commissioning of solar and other renewable energy devices, along with consultancy regarding installation, maintenance, and operation. No specific governmental or regulatory approvals are required for this acquisition. The company stated that the audit for the first financial year of the target entity is yet to be completed.