Enviro Infra Engineers Limited has informed the Exchange about Acquisition
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Enviro Infra Engineers Limited's board, on May 6, 2025, approved the acquisition of 100% of EIE Renewables Private Limited, making it a wholly owned subsidiary. The target company was newly incorporated on February 18, 2025, is in the renewable energy generation business, and currently has nil turnover. Initially, the company will acquire 1 lakh equity shares at ₹10 per share for ₹10 lakh, with plans to invest an additional ₹49.9 crore in one or more tranches through fresh allotment or convertible loan. The transaction is a related party deal as promoters Sanjay Jain and Manish Jain are also directors and equal shareholders in the target company, though the company states it is done at arm's length. No regulatory approvals are required, and the acquisition is expected to be completed by June 30, 2025.
This move signals Enviro Infra's strategic push into the renewable energy sector, potentially diversifying its revenue streams. However, shareholders should note the related-party nature of the deal and the large follow-on investment of nearly ₹50 crore into a newly formed, pre-revenue company.