KPI Green Energy Subsidiary to Acquire DMGEL in INR 55.80 Crore Deal
KPI Green Energy’s subsidiary Sun Drops Energia has approved the acquisition of up to 100 percent stake in DMGEL for INR 55.80 crore to expand its green energy EPC and project development capabilities.
August 24, 2026. By Mrinmoy Dey
Under the terms of the agreement, Sun Drops will acquire up to 1,70,84,853 equity shares of DMGEL at a price of INR 32.66 per share. The acquisition will be executed via a share swap, with Sun Drops issuing up to 15,89,781 Compulsorily Convertible Preference Shares (CCPS) of equivalent value to DMGEL’s existing shareholders. Once Sun Drops acquires 50 percent or more of the equity capital, DMGEL will officially become a step-down subsidiary of KPI Green Energy, the company stated in a regulatory filing.
It further added that the strategic move is designed to scale Sun Drops' operations by leveraging DMGEL's technical capabilities and project execution expertise across the green energy value chain. Incorporated in November 2021, DMGEL provides end-to-end engineering, procurement, and construction (EPC) as well as project development solutions. Its operations cover utility-scale ground-mounted solar, commercial and industrial rooftop solar installations, hybrid power systems, battery energy storage systems (BESS), transmission infrastructure, and operation and maintenance (O&M) services.
DMGEL have scaled its revenue significantly over the past three fiscal years. The target entity reported a revenue of INR 213.98 crore for FY26, rising from INR 150.04 crore in FY25 and INR 30.62 crore in FY24, supported by an existing paid-up equity capital of INR 17.08 crore.
The proposed acquisition involves a related-party component, as Dr. Faruk G. Patel, Promoter and Director of Sun Drops, holds an 8.95 percent equity stake in DMGEL. The company confirmed that the transaction is being conducted at arm's length, backed by an independent valuation report. The acquisition is expected to be completed by September 30, 2026.
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