Scrip Symbol: SWELECTES
Target Entity: GRIDNEX SOLAR POWER PRIVATE LIMITED
Type of Deal: Acquisition of minority stake (49%)
Stake/Capacity: 49% equity stake (4,900 equity shares of face value ₹10 each)
The target entity is developing grid connected Solar PV based Power Plants of 8 × 10 MW totaling 80 MW capacity under Surya Mitra Krishi Feeders Scheme with feeder solarization component of PM KUSUM-C scheme.
Deal Value: ₹4,31,20,000 (Indian Rupees Four Crores Thirty-One Lakhs Twenty Thousand only)
Funding Source: Cash consideration
Financial Impact:
The target entity was incorporated on 17th March 2026 with paid-up equity share capital of ₹1,00,000 and has not commenced commercial operations. Financial parameters as of 31st March 2026:
- Turnover: ₹Nil
- PAT: ₹Nil
- Net worth: ₹0.01 crore (subscription amount to MOA)
The acquisition is expected to augment the consolidated turnover of the Company on a sustained, long-term basis.
Timeline:
The acquisition will be made as per the Share Purchase and Shareholders Agreement or such other agreements entered/to be entered amongst SWELECT SolarKraft Private Limited, Gridnex Solar and Apollo Green Energy Limited. No specific completion date provided.
Strategic Rationale:
The object of the acquisition is to expand the Company's business footprint. Gridnex Solar is involved in generation, accumulation, purchase, sale, supply and trading of electricity and power generated through renewable energy sources including solar energy, wind energy and other non-conventional energy sources on a commercial basis.
Approval Status:
No governmental or regulatory approvals required for the acquisition as disclosed.
Additional Details:
- The target entity was incorporated as a wholly owned subsidiary of APOLLO GREEN ENERGY LIMITED in Haryana
- Apollo Green Energy Limited shall continue to remain the majority shareholder
- The transaction does not result in a change of control of the target entity
- The transaction does not alter the management, operations or day-to-day control of the target entity
- The Company would become a related party subsequent to the completion of the proposed acquisition
- The acquisition does not fall within related party transaction at the time of agreement