Swelect Energy Acquires 49% Stake in Gridnex Solar for ₹4.31 Cr

Swelect Energy Systems Ltd, through 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 for ₹4.31 crore. Gridnex Solar, based in Haryana, is in the process of setting up 80 MW of grid-connected Solar PV based Power Plants under the PM KUSUM-C scheme. This acquisition aims to expand Swelect Energy's business footprint and augment its consolidated turnover. The transaction does not result in a change of control, as Apollo Green Energy Limited will remain the majority shareholder. Gridnex Solar was incorporated on March 17, 2026, and has yet to commence commercial operations, with its financial parameters for FY26 showing nil turnover and PAT.