Promax Power Limited has acquired 63.76% stake in Promax Solar One Hubli Private Limited. The said acquisition has been undertaken for the purpose of development, ownership and operation ....
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Promax Power Ltd has acquired a 63.76% stake in Promax Solar One Hubli Private Limited on February 2, 2026. The target entity is a newly incorporated special purpose vehicle (SPV) with no prior turnover. The purpose of the acquisition is to develop, own and operate a 6.0 MW (AC) solar power project at Hipparagi, Karnataka, which was awarded under RESCO mode by Hubli Electricity Supply Company Limited (HESCOM). The transaction is classified as a related party transaction but was carried out at arm's length. No NCLT scheme or additional regulatory approvals are required.
This acquisition expands Promax Power's footprint into solar power generation, adding a 6 MW project to its portfolio, which could support future revenue growth. For shareholders, this is a strategic diversification move into renewable energy, though the SPV is newly formed and financial impact will depend on project execution and tariffs from HESCOM.