SWELECT Energy Systems Limited’s wholly owned subsidiary, SWELECT SolarKraft Private Limited, has agreed to acquire a 49 per cent stake in Gridnex Solar Power Private Limited for ₹4,31,20,000 in a cash deal, the company announced today.
Gridnex Solar, incorporated in March 2026 as a wholly owned subsidiary of Apollo Green Energy Limited in Haryana, is setting up grid-connected solar photovoltaic power plants totalling 80 MW — structured as eight plants of 10 MW each — under the Surya Mitra Krishi Feeders Scheme, part of the PM KUSUM-C programme. The power generated will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL).
SWELECT SolarKraft will acquire 4,900 equity shares at a face value of ₹10 each. The transaction does not trigger a change of control, as Apollo Green Energy Limited will retain majority shareholding and continue managing day-to-day operations.
The company stated that no regulatory approvals are required for the acquisition. The deal will be governed by a Share Purchase and Shareholders Agreement among SWELECT SolarKraft, Gridnex Solar, and Apollo Green Energy Limited.
SWELECT said the move is aimed at expanding its business footprint and augmenting consolidated turnover on a long-term basis. Gridnex Solar has not yet commenced commercial operations and reported nil turnover as of March 2026.