SWELECT to acquire 49% stake in 80 MW solar project SPV
SWELECT Energy Systems Limited has 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 Rs 4.31 crore in an all-cash transaction.
The acquisition will be carried out through a Share Purchase and Shareholders Agreement and is intended to expand SWELECT Energy Systems’ presence in the solar power sector.
Gridnex Solar Power Private Limited was incorporated on March 17, 2026, and is currently developing eight grid-connected solar photovoltaic (PV) power projects, each with a capacity of 10 MW, for a total capacity of 80 MW.
The projects are being developed under the Surya Mitra Krishi Feeders Scheme, part of the PM KUSUM-C scheme. The electricity generated from the projects will be supplied to Madhya Pradesh Power Management Company Limited (MPPMCL).
Following the acquisition, SWELECT SolarKraft will hold a 49% equity stake in Gridnex Solar. Apollo Green Energy Limited will continue to hold the majority stake and retain management and operational control of the company. As a result, the transaction will not lead to a change in control.
The timeline for completion of the acquisition will be determined in accordance with the terms of the Share Purchase and Shareholders Agreement. The company said no governmental or regulatory approvals are required for the transaction.
Gridnex Solar is a Haryana-based company that is yet to commence commercial operations. Consequently, it has no turnover to report for the previous three financial years. As of March 31, 2026, the company had a paid-up equity share capital of Rs 1,00,000 and a net worth of Rs 0.01 crore.
According to SWELECT Energy Systems, the acquisition is expected to strengthen its business footprint and contribute to the company’s consolidated turnover over the long term.
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