Steel Strips Wheels Ltd to Acquire Equity in EUPL for Renewable Power Capacity
Steel Strips Wheels Ltd announced that its Board of Directors, during a meeting held on April 9, 2026, approved agreements to further acquire equity in Echanda Urja Private Limited (EUPL). This strategic move aims to secure additional renewable wind power for the company's Chennai plant under a Captive Consumption Scheme.The acquisition involves executing an "Amendment Agreement To Shareholders Agreement" with NuPower Renewables Private Limited (the holding company of EUPL) and Echanda Urja Private Limited (EUPL), alongside an "Amendment Agreement to Energy Sale Agreement" with EUPL. For this transaction, Steel Strips Wheels Ltd will acquire 37582 equity shares of EUPL, each with a face value of Rs. 10/-. The total consideration for this share acquisition is Rs. 3.76 lakhs.
The purpose of acquiring these shares is to meet additional renewable power requirements for the Chennai plant of the company, thereby helping to reduce the company's energy costs.
The company's prior investment details and the impact of the proposed acquisition are detailed below:
| Parameter | Details |
|---|---|
| Initial Investment in EUPL | Rs. 8.15 Lakhs |
| Current Equity Stake | 3.81% |
| Additional Investment Proposed | Rs. 3.76 lakhs |
| Total Investment in EUPL Post-Acquisition | Rs. 11.91 Lakhs |
| Total Shares in EUPL Post-Acquisition | 119116 equity shares of FV Rs. 10/- each |
| Percentage Stake Post-Acquisition | 5.57% |
Echanda Urja Private Limited (EUPL) provides insights into the renewable energy sector. The entity was incorporated under the Companies Act, 2013, with its Corporate Identity Number U40104MH2014PTC259254. Its registered office is located at 618, Maker Chambers V' Nariman' Point, Mumbai 400021, Maharashtra, India, and its primary business involves Wind Power generation (renewable).
As per the latest audited balance sheet for the financial year 2024-25, EUPL reported a Paid-up Equity Share Capital of Rs. 214.00 Lakhs and a turnover of Rs. 12147.73 lakhs.
The company confirmed that the acquisition of shares in EUPL is not considered a related party transaction, and none of the promoter or promoter group/group companies have any interest in the entity being acquired. The industry to which the entity belongs is the Generation and transmission of electricity from wind energy.
The board meeting convened on Thursday, April 9, 2026, commenced at 10:30 a.m. and concluded at 11:35 a.m. The indicative time period for completion of the acquisition is within 30 days. The consideration for the shares will be in Cash Consideration.
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Shares of Steel Strips Wheels Limited are gaining momentum in live trading, climbing 3.41% to reach ₹208.38 as of 11:46 AM. The stock maintains active buying interest, underpinned by a substantial volume of 159,830 shares traded so far today.Source:
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