Swelect Subsidiary Acquires 49% Stake in Gridnex Solar Power for Strategic Expansion
Swelect Energy Systems Limited, through its wholly owned subsidiary SWELECT SolarKraft Private Limited, has undertaken an acquisition of 49 percent equity shares in GRIDNEX SOLAR POWER PRIVATE LIMITED. This move is intended to expand the company's business footprint and augment its consolidated turnover on a long-term basis.The acquisition involves cash consideration for the stake. The cost of acquisition was recorded at INR 4,31,20,000/- (Indian Rupees Four Crores Thirty-One Lakhs Twenty Thousand only). SWELECT SolarKraft Private Limited proposes to acquire 4,900 equity shares, representing 49 percent of the total paid up equity shares of GRIDNEX SOLAR POWER PRIVATE LIMITED.
Gridnex Solar Power Private Limited, which is based in Haryana, was incorporated on March 17, 2026, and operates in the solar power generation and distribution industry. The transaction is designed to expand Swelect's involvement in grid-connected renewable energy projects.
The acquisition focuses on enabling Gridnex Solar to set up a project involving grid connected Solar PV based Power Plants (SPP) of 8 X 10 MW, totaling 80 MW. This power generation capacity is part of the Surya Mitra Krishi Feeders Scheme and is intended for sale of power to Madhya Pradesh Power Management Company Limited (MPPMCL).
The transaction does not alter the management or day-to-day control of the target entity, as Apollo Green Energy Limited shall continue to remain the majority shareholder.
Key details regarding GRIDNEX SOLAR POWER PRIVATE LIMITED before the acquisition are provided in the table below:
| Parameter | Detail |
|---|---|
| Date of Incorporation | March 17, 2026 |
| Line of Business | Generation, accumulation, purchase, sale, supply and trading of electricity and power generated through renewable energy sources. |
| Financial Parameters (31st March 2026) | Turnover: Nil Crore; PAT: Nil Crore; Net worth: 0.01 Crore |
The acquisition aims to leverage Gridnex Solar's capabilities in designing, developing, erecting, installing, commissioning, operating and maintaining solar power plants and rooftop solar systems on an EPC basis or otherwise.
SWELECTES Stock Price Movement
Swelect Energy Systems Limited edged higher on Thursday, gaining 0.17% to settle at ₹621.3 as trading closed for the day. The stock managed to maintain stability during the session, remaining within an intraday range marked by a low of ₹610.1 and a high of ₹625.1.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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