MITCON Consultancy & Engineering Services Limited has informed the Exchange about Acquisition
MITCON · price
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MITCON Consultancy & Engineering Services has executed an acquisition agreement to buy a 49% stake each in two solar power SPVs — MINVEN Solar 02 Private Limited and MINVEN Solar 03 Private Limited. Both targets were incorporated in December 2024, operate in solar power generation, and reported nil turnover as of March 31, 2025. The acquisition is being done in cash at face value of Rs. 10 per share, through a mix of primary and secondary modes, and is expected to complete within 60 days. The deal is not a related-party transaction and requires no government approvals. This is part of MITCON's strategy to grow its solar asset portfolio.
This is a modest, low-cost entry into the solar power space for MITCON, with negligible immediate financial impact given the targets' zero current turnover. Shareholders should view it as a strategic portfolio expansion rather than an earnings driver in the short term.