Vikran Engineering Limited has executed a Share Purchase Agreement (SPA) to acquire a 51% equity stake in NOPL Solar Projects Private Limited, making it a wholly-owned subsidiary. The company purchased 5,100 equity shares at a price of ₹10,000 per share. The aggregate consideration for this transaction amounted to ₹5.10 crore, which was discharged entirely in cash. The acquisition was completed on May 20, 2026.

Prior to this transaction, Vikran Engineering held a 49% stake in the target entity. With the purchase of the remaining shares, the company now holds 100% of the paid-up equity share capital of NOPL Solar Projects Private Limited. The acquisition falls within the ambit of a related party transaction, as one director and one key managerial personnel of the acquirer are also directors in the target entity. The transaction was conducted at an arm's length basis.

The strategic move aligns with Vikran Engineering's objective to diversify its business and expand its footprint in the renewable energy sector. NOPL Solar is engaged in the development, operation, and maintenance of solar power projects. Specifically, the entity is undertaking a 969 MW (AC) grid-connected solar power project under Component C of the PM-KUSUM Scheme in Maharashtra. The company has already undertaken the execution of solar power projects in the fiscal year 2025-2026.

Transaction Details

The target entity was incorporated on May 20, 2024, with a paid-up capital of INR 1,00,000. No specific governmental or regulatory approvals were required for the completion of this acquisition.

Vikran Engineering Limited (VEL), one of India's emerging multi-sector EPC (Engineering, Procurement, and Construction) companies, has commissioned its second 5 MW solar power plant in Ambijalgaon, Ahilyanagar district, Maharashtra, under the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme. The newly operational plant marks another milestone in the company's expanding renewable energy portfolio and reflects continued progress under the 600 MW solar contract secured in December 2025. The development was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Second 5 MW Solar Plant Commissioned

The Ambijalgaon solar plant has been developed to provide reliable daytime electricity for agricultural irrigation, addressing longstanding challenges faced by farmers in the region due to unstable grid supply and dependence on costly diesel-powered irrigation. The following table summarises the key parameters and expected annual impact of the newly commissioned facility:

Beyond clean power generation, the plant is expected to provide reliable daytime power supply for irrigation pumps through the dry season and enable productive utilisation of underutilised land, creating long-term revenue opportunities for local landowners.

Management Commentary

Commenting on the development, Mr. Rakesh Markhedkar, CMD, Vikran Engineering Limited, said: "The commissioning of our second solar power plant under this project marks another important milestone in Vikran Engineering's renewable energy journey and reflects our commitment to building infrastructure that delivers measurable impact on the ground. Beyond clean power generation, projects like these directly support farmer livelihoods, improve rural energy reliability, and contribute meaningfully to India's sustainability goals. We remain focused on executing our solar pipeline with speed and precision as we continue to scale our renewable energy footprint across the country."

Expanding Renewable Energy Footprint

With this commissioning, Vikran Engineering has now operationalised 2 solar power plants under its broader solar development pipeline, while an additional 145 MW remains under active construction, with the overall execution pipeline progressing as scheduled. The company's ability to maintain project momentum despite the operational complexities of executing in monsoon-prone geographies—while coordinating across government agencies, land partners, contractors, and supply chains—demonstrates its growing execution capabilities in large-scale renewable infrastructure deployment.

The development further highlights Vikran Engineering's strategic diversification beyond its traditional transmission and distribution business into high-growth renewable energy infrastructure. The company is a diversified EPC player with expertise across Power Transmission & Distribution, Water Infrastructure, and Railway Electrification, supported by emerging capabilities in Solar EPC and Smart Metering. Over the years, Vikran has successfully completed 45 projects across 14 states with marquee clients including NTPC and Power Grid Corporation of India, backed by a supply chain of 3,500+ vendors.