EIE Renewables, a wholly-owned subsidiary of Enviro Infra Engineers, has entered into a share purchase agreement to acquire a 100 per cent stake in Suyog Urja. The acquisition will take place in a phased manner, with the company first acquiring a 51 per cent stake. The remaining 49 per cent will be purchased over the next 27 months.
The deal is expected to be completed by July 31, 2028, and is valued at around Rs 3.11 billion. The company clarified that this acquisition is not a related-party transaction, and no promoter group entities are involved in the deal. Furthermore, as of March 31, 2025, Suyog Urja reported a turnover of Rs 1.72 billion and a net worth of Rs 303.4 million.
Earlier this month, EIE Renewables acquired a 49 per cent equity stake in PRA Bihar Bess Private Limited, a special purpose vehicle created for the development of a 37.5 MW/150 MWh battery energy storage system across multiple districts in Bihar.
