SWELECT Energy Systems Limited's wholly owned subsidiary, SWELECT SolarKraft Private Limited, has agreed to acquire a 49 per cent stake in Gridnex Solar Power Private Limited for ₹4,31,20,000 in a cash deal, the company announced today.Gridnex Solar, incorporated in March 2026 as a wholly owned subsidiary of Apollo Green Energy Limited in Haryana, is setting up grid-connected solar photovoltaic power plants totalling 80 MW — structured as eight plants of 10 MW each — under the Surya Mitra Krishi Feeders Scheme, part of the PM KUSUM-C programme. The power generated will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL).SWELECT SolarKraft will acquire 4,900 equity shares at a face value of ₹10 each. The transaction does not trigger a change of control, as Apollo Green Energy Limited will retain majority shareholding and continue managing day-to-day operations.The company stated that no regulatory approvals are required for the acquisition. The deal will be governed by a Share Purchase and Shareholders Agreement among SWELECT SolarKraft, Gridnex Solar, and Apollo Green Energy Limited.SWELECT said the move is aimed at expanding its business footprint and augmenting consolidated turnover on a long-term basis. Gridnex Solar has not yet commenced commercial operations and reported nil turnover as of March 2026.Published on June 26, 2026