MITCON Consultancy & Engineering Services Limited has informed the Exchange about Agreements
MITCON · price
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MITCON Consultancy & Engineering Services has signed an acquisition agreement to buy a 49% stake in two solar energy SPVs — MINVEN Solar 02 Private Limited and MINVEN Solar 03 Private Limited — as part of its plan to expand its solar asset portfolio. The deal is at face value of Rs. 10 per share through a cash, primary and/or secondary transaction, and is expected to be completed within 60 days. Both target companies are newly incorporated (December 2024), have negligible paid-up capital of Rs. 1 lakh each, and reported zero turnover as of March 2025. No regulatory approvals are required and the transaction is not a related party deal.
This is a small-value, strategic entry into solar power generation at face value, giving MITCON exposure to a growth vertical with minimal immediate cash outflow. For shareholders, the long-term impact depends on the solar SPVs' ability to scale, as they currently have no revenue and are early-stage entities.