SWELECT's Solar Arm to Acquire 49 Percent Stake in Gridnex Solar for INR 4.31 Crore to Expand Solar Portfolio

SWELECT Energy Systems Ltd. has announced that its wholly owned subsidiary, SWELECT SolarKraft Pvt. Ltd., has entered into an agreement to acquire a 49 percent equity stake in Gridnex Solar Power Pvt. Ltd. for INR 4.31 crore.

Gridnex Solar, incorporated on March 17, 2026 in Haryana, is currently setting up 80 MW of grid-connected solar photovoltaic (PV) power capacity, comprising eight 10 MW solar plants, under the feeder solarisation component of the PM-KUSUM C (Surya Mitra Krishi Feeders Scheme). The power generated from these projects will be supplied to Madhya Pradesh Power Management Company Ltd. (MPPMCL).

Under the transaction, SWELECT SolarKraft will acquire 4,900 equity shares, representing 49 percent of the paid-up equity share capital of Gridnex Solar. The acquisition will be completed in accordance with the Share Purchase and Shareholders Agreement and related agreements.

The company said the investment aims to strengthen its renewable energy portfolio, expand its business footprint, and contribute to sustained long-term growth in consolidated revenue.

Gridnex Solar is a newly incorporated company with a paid-up equity capital of INR 1 lakh. As of March 31, 2026, it had no commercial operations, nil turnover, nil profit after tax, and a net worth of INR 0.01 crore.

SWELECT clarified that the acquisition is not a related-party transaction, although Gridnex Solar will become a related party upon completion of the investment. The transaction will not result in a change of control, with Apollo Green Energy Ltd. continuing as the majority shareholder. The management, operations, and day-to-day control of Gridnex Solar will remain unchanged.

Gridnex Solar's business includes the development, installation, operation, maintenance, generation, supply, and trading of electricity from renewable energy sources, including solar and wind power, as well as executing renewable energy projects on an EPC basis.