Swelect Energy Systems Acquires Stake in Renewable Energy Generation Firm
Swelect Energy Systems Limited has acquired a 100% equity stake in Dexler Solar Park Phase 1 Private Limited (DSPP1), a renewable energy generation and distribution company based in Karnataka. This acquisition means DSPP1 will become a Wholly Owned Subsidiary of Swelect, with the subsequent plan to establish a solar power plant under a Group Captive Scheme through the subsidiary.The acquisition targeted 10,000 equity shares of DSPP1 for a cost not exceeding Rs. 1 Lakh (Rupees One lakh only). The consideration for the purchase was in cash.
DSPP1 was incorporated on March 5, 2018, and operates within the renewable energy generation and distribution industry. The company is engaged across the entire renewable energy value chain. Its business includes developing, installing, and operating standalone or hybrid renewable energy systems using sources such as solar, wind, geothermal, tidal, biomass, and hydel energy.
Beyond power generation, DSPP1 focuses on manufacturing and trading a range of energy-related products. This portfolio encompasses solar panels, photovoltaic cells for terrestrial and satellite use, storage batteries, support structures, and various energy-powered domestic and industrial appliances, including street lights, water heaters, calculators, watches, and electronic gadgets.
The subsidiary will be utilized to set up a Solar Power Plant with an initial capacity of up to 7.0 MWdc under the group captive scheme. This move is intended to increase the consolidated turnover of Swelect Energy Systems and enhance the Group's presence in the state of Karnataka.
Financial details and corporate structure of Dexler Solar Park Phase 1 Private Limited are detailed below:
| Metric | Detail |
|---|---|
| Entity | DEXLER SOLAR PARK PHASE 1 PRIVATE LIMITED |
| Incorporation Date | March 5, 2018 |
| Industry | Renewable Energy generation and Distribution |
| Paid-up Capital | Rs. 1,00,000/- |
| FY 2024-25 Turnover | Nil |
| FY 2024-25 PAT | (34,860) |
| FY 2024-25 Net Worth | (6,45,190) |
DSPP1's audited turnover for the last three years stood as Nil for FY 2024-2025, FY 2023-2024, and FY 2022-2023.
SWELECTES Stock Price Movement
Shares of Swelect Energy Systems Limited rallied on Friday, closing at ₹613.30 after gaining 2.77%. The stock traded within a narrow range during the session, hitting a high of ₹617.30 and a low of ₹596.60, amidst daily trading volume totaling 18,366 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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