Promax Power Acquires 63.76% Stake in Promax Solar One Hubli for 6.0 MW Solar Project

Promax Power Limited has acquired 63.76% stake in Promax Solar One Hubli Private Limited for the purpose of development, ownership and operation of a 6.0 MW (AC) solar power project at Hipparagi, Karnataka. The acquisition, made on February 2, 2026, is a related party transaction but at arm's length. The target entity, Promax Solar One Hubli, is a newly incorporated SPV with no turnover. The acquisition does not require any regulatory approval other than those already obtained or to be obtained in the ordinary course of business.