Post by VYQON Research Private Limited

Deal | SWELECT SolarKraft Acquires 49% Stake in Gridnex Solar Power 80 MW PM-KUSUM-C, Madhya Pradesh | ₹4.31 Crore | Power to MPPMCL Swelect Energy Systems' wholly owned subsidiary SWELECT SolarKraft Private Limited has entered into an agreement to acquire a 49% equity stake in Gridnex Solar Power Private Limited for ₹4.31 crore in an all-cash transaction. Key details: → Stake: 4,900 equity shares (face value ₹10 each) representing 49% of Gridnex Solar's paid-up equity share capital; Apollo Green Energy Limited retains majority control, the transaction does not alter management, operations, or day-to-day control of the target entity → Project: Gridnex Solar is developing 8 × 10 MW grid-connected solar PV power plants with a total capacity of 80 MW under the Surya Mitra Krishi Feeders Scheme, the feeder solarisation component of PM-KUSUM Component-C; power to be sold to Madhya Pradesh Power Management Company Limited (MPPMCL) → Target entity: Gridnex Solar Power Private Limited, incorporated March 17, 2026 in Haryana; pre-operational; paid-up capital ₹1 lakh; nil turnover and PAT as of March 31, 2026 → Strategic rationale: the acquisition is intended to expand SWELECT Energy Systems Ltd business footprint in solar power generation and is expected to augment its consolidated turnover on a sustained, long-term basis → PM-KUSUM-C context: MPPMCL has been one of the most active procurers under PM-KUSUM Component-C (feeder-level solarisation) in India; MPERC had approved ₹2.94/kWh for 232 MW of PM-KUSUM projects in August 2025; UPERC declared the September 2025 GST cut a Change in Law for PM-KUSUM C2 in June 2026; this acquisition gives SWELECT exposure to an operationally straightforward solarisation model with long-term state DISCOM offtake → SWELECT ENERGY SYSTEMS profile: Chennai-based listed company (BSE: 532051) engaged in solar products manufacturing (inverters, modules) and solar EPC; FY26 final dividend 35%; recent acquisitions also include 100% of USolar Assetco Four (26.6 MWp group captive solar, Karnataka) for ₹3.30 crore (May 28, 2026) 📌 Full article: https://lnkd.in/dnNVqGnt MNRE India #SWELECT #GridnexSolar #PMKUSUM #FeederSolarisation #MadhyaPradesh #MPPMCL #SolarEnergy #AcquisitionIndia