Saatvik acquires 80% in Melcon, enters transformer manufacturing

Saatvik Green Energy Limited has signed a Share Purchase Agreement to acquire an 80% equity stake in Melcon Transformers and Electricals Private Limited, marking its entry into power equipment manufacturing as it expands beyond solar photovoltaic modules.

The acquisition, valued at Rs 24 million, will be completed through cash consideration and is expected to close within 30 days. Jaipur-based Melcon, incorporated in 2005, manufactures power and distribution transformers up to 10 MVA, 33 kV class, and reported a turnover of Rs 4.17 crore in FY25.

The move positions Saatvik to deepen its presence across the power value chain by adding transformer manufacturing capabilities. The company indicated that this would improve supply chain control and execution efficiency for its solar projects, while enabling a shift towards integrated energy solutions spanning generation and transmission.

Commenting on the development, Chief Executive Officer (CEO) Prashant Mathur said the acquisition aligns with broader sector needs. He stated that India’s energy transition depends on the strength of supporting infrastructure and added that integrating transformer manufacturing would enhance execution speed, quality assurance, and supply chain resilience.

Melcon operates a manufacturing facility in Alwar and produces oil-type, dry-type, auxiliary, and energy-efficient transformers ranging from 5 KVA to 12,500 KVA, catering to industrial and utility applications. The company maintains an established order book with public sector undertakings and private sector clients.

In a separate board meeting held on the same day, the company approved key managerial appointments. Ms. Jyoti Verma has been appointed as Company Secretary and Compliance Officer, designated as a Key Managerial Personnel (KMP). Mr. Rishabh Mehta has been appointed as Interim Chief Financial Officer, also classified as a KMP. The Board also noted the transfer of Mr. Vaibhav Bhardwaj, Chief Operating Officer and Senior Management Personnel (SMP), to its wholly owned subsidiary, Saatvik Solar Industries Private Limited. He will cease to be a Senior Management Personnel of the company effective April 30, 2026.

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