Enviro Infra Engineers Limited (EIEL) has announced the acquisition of 100% equity shares of EIE Renewables Private Limited, making it a wholly owned subsidiary. The acquisition was approved by the Audit Committee and Finance Committee on 3rd May, 2025.
Key details of the acquisition:
- Target Entity: EIE Renewables Private Limited, incorporated on 18th February, 2025, with an authorised and paid-up capital of ₹10,00,000. Its turnover is currently Nil as business activity is yet to commence.
- Industry: Generation and distribution of energy through non-conventional/renewable sources.
- Object of Acquisition: To tap opportunities in the renewable energy sector and align with EIEL's long-term vision to expand into sustainable business segments.
- Consideration: Cash consideration.
- Cost: Initial cost of acquisition is ₹10,00,000 for acquiring 1,00,000 equity shares at ₹10 per share. EIEL plans a further investment of ₹49,90,00,000 through fresh allotment in the target company in one or more tranches.
- Percentage Acquired: 100%.
- Related Party Transaction: The acquisition is a related party transaction as promoter directors Mr. Sanjay Jain and Mr. Manish Jain are also directors and shareholders of EIE Renewables. The transaction is stated to be done at arm's length.
- Timeline: Tentatively on or before 30th June, 2025.