Enviro Infra Engineers Limited has informed the Exchange about Acquisition
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Enviro Infra Engineers Limited has completed the acquisition of Vento Power Infra Private Limited for a cash consideration of approximately ₹115.61 crore. The acquisition was done through its wholly owned subsidiary, EIE Renewables Private Limited, making Vento Power a step-down wholly owned subsidiary. Vento Power is developing a 40 MW grid-connected solar power project in Bolangir District, Odisha, with a tariff of ₹4.1 per unit for about 18 years. The target company reported a turnover of ₹16.50 crore in FY24 but had a negative networth of ₹79.18 crore. The acquisition is not a related party transaction and is aimed at expanding the company's presence in the renewable energy sector.
This acquisition strengthens Enviro Infra's renewable energy portfolio with an operational solar power asset, aligning with its long-term growth strategy. For shareholders, it represents a meaningful expansion into the clean energy space, though the target's negative networth may warrant monitoring of integration and debt assumptions.