SWELECT Acquires 49% Stake In Gridnex Solar To Strengthen 80 MW PM KUSUM Solar Portfolio

SWELECT Energy Systems Limited has announced that its wholly-owned subsidiary, SWELECT SolarKraft Private Limited, has entered into an agreement to acquire a 49% equity stake in Gridnex Solar Power Private Limited. The acquisition is valued at INR 4.31 crore and will be completed through an all-cash transaction. Under the agreement, SWELECT SolarKraft will purchase 4,900 equity shares with a face value of Rs. 10 each.

Gridnex Solar Power Private Limited was incorporated on March 17, 2026, and is currently a wholly-owned subsidiary of Apollo Green Energy Limited. The company is headquartered in Haryana and is still in its initial stages of development. As it has not yet started commercial operations, it has reported no turnover or net profit. Its current net worth stands at approximately Rs. 0.01 crore.

Following the transaction, Apollo Green Energy Limited will continue to remain the majority shareholder in Gridnex Solar. As a result, there will be no change in the company’s management, operational control, or day-to-day business activities. However, once the acquisition is completed, Gridnex Solar will become a related party to SWELECT under applicable regulations.

The acquisition forms part of SWELECT’s strategy to strengthen its presence in India’s renewable energy sector and improve its long-term consolidated business performance. Gridnex Solar is currently developing eight grid-connected solar photovoltaic power plants, each with a capacity of 10 MW, resulting in a combined installed capacity of 80 MW.

The projects are being implemented under the Surya Mitra Krishi Feeders Scheme through the feeder solarization component of the PM KUSUM-C programme. Electricity generated from these solar plants will be supplied to Madhya Pradesh Power Management Company Limited (MPPMCL) under the relevant power procurement arrangements.

Gridnex Solar is engaged in the development, generation, distribution, trading, and supply of solar power. Its business activities also include the engineering, procurement, and construction (EPC) of renewable energy projects, such as utility-scale photovoltaic plants and rooftop solar installations.

SWELECT stated that no government or regulatory approvals are required to complete the acquisition. The transaction will proceed in accordance with the Share Purchase Agreement and Shareholders Agreement executed among SWELECT SolarKraft Private Limited, Gridnex Solar Power Private Limited, and Apollo Green Energy Limited. The investment reflects SWELECT’s continued focus on expanding its renewable energy portfolio and supporting the country’s growing clean energy sector.