Samvardhana Motherson International Limited (SAMIL) has approved the acquisition of Onega Solar Power Limited (OSPL), a special purpose vehicle set up to develop a 15 MWp group-captive solar project in Uttar Pradesh. The acquisition will be executed through SAMIL’s wholly owned subsidiary, Motherson New Energy Limited (MNEL).
According to the company’s regulatory filing, MNEL will acquire 100% of OSPL’s equity share capital along with its existing compulsorily convertible debentures from IB Energy PTE Ltd., Singapore, for a cash consideration of INR 13.19 million. OSPL, incorporated in August 2021, has not yet commenced commercial operations.
Post-acquisition, OSPL will undertake the development, ownership, and operation of the solar project, supplying power to captive consumers under long-term Power Transfer Agreements. To comply with group-captive regulations, captive consumers—including SAMIL and its subsidiaries, joint ventures and associates, and promoter entities—will collectively hold 30% equity in the project SPV on a fully diluted basis. Their shareholding will be structured as follows:
-SAMIL and subsidiaries: 15.94%
-Joint ventures and associates: 9.76%
-Promoter entities: 4.30%
The company added that the tariff under these agreements has been independently validated to ensure arm’s-length pricing.
Project development and asset management will be handled by MNEL, which will oversee EPC execution and O&M services. Further equity and debenture investments into OSPL will be made in stages based on project milestones.
No additional regulatory approvals are required for the acquisition, which is expected to be completed in Q3 FY26.
OSPL, being a pre-operational entity, reported nil revenues in FY2023–FY2025 and minimal negative EBITDA. Following the acquisition, the project is expected to add to SAMIL’s renewable energy portfolio and support its long-term sustainability goals.
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