Swelect Energy to acquire solar firm for captive power project

Swelect Energy Systems Limited has approved the acquisition of 100% equity shares of USolar Assetco Four Private Limited, a Karnataka-based solar power company, as part of its expansion in the group captive renewable energy segment.

The company’s Investment Committee granted the approval. Following completion of the transaction, USolar Assetco Four will become a wholly owned subsidiary of Swelect Energy Systems Limited and will develop a solar power plant under the group captive scheme.

Deal details

The acquisition will be completed through a cash consideration not exceeding Rs 3.30 crore. Swelect will acquire 10,00,000 equity shares of face value Re. 1 each, representing the entire shareholding of the company.

USolar Assetco Four Private Limited was incorporated on June 2, 2025 and currently has a paid-up equity share capital of Rs 10,00,000. According to the latest available financials, the company reported nil turnover and nil profit after tax (PAT), while its net worth stood at Rs 0.10 crore.

Swelect stated that the acquisition size represents around 0.5% of its consolidated operational revenue for FY26.

Solar project plans

USolar Assetco Four is engaged in activities related to erection and commissioning of solar and renewable energy systems, including consultancy, installation, operation and maintenance services.

After the acquisition, the company will establish a solar power plant with an initial capacity of up to 26.6 MWp DC under the group captive model.

Swelect said the acquisition is expected to support growth in its consolidated turnover.

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