Enviro Infra Engineers Limited has informed the Exchange regarding Board meeting held on May 06, 2025.
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Enviro Infra Engineers Limited's board approved the acquisition of EIE Renewables Private Limited, a newly incorporated company (February 2025) focused on renewable energy generation and distribution. The company will initially invest ₹10 lakh to buy 1,00,000 equity shares at ₹10 each, making EIE Renewables a wholly owned subsidiary. An additional ₹49.90 crore is planned to be invested in one or more tranches through fresh allotment or convertible loan. The transaction is a related party deal since promoters Sanjay Jain and Manish Jain hold stakes in the target, though it is conducted at arm's length. The target currently has nil turnover as it is newly incorporated, and the acquisition is expected to be completed by June 30, 2025.
This is a small initial outlay to enter the renewable energy space, aligning with the company's expansion into sustainable energy. Shareholders should watch for further tranches of funding and execution milestones, while noting this is a related-party transaction requiring arm's-length scrutiny.