Vikran Engineering, a diversified EPC player, has acquired the remaining 51% equity stake in NOPL Solar Projects, taking its total ownership in the solar project development company to 100% and making it a wholly owned subsidiary.
NOPL Solar Projects, incorporated on May 20, 2024, is engaged primarily in development, operation and maintenance of solar power projects, including a 969 MW (AC) grid-connected solar power project under Component C of the PM-KUSUM Scheme in state of Maharashtra.
The acquisition was completed on May 20, 2026, through the execution of a Share Purchase Agreement (SPA) for 5,100 equity shares constituting 51% of the paid-up equity share capital of the target entity. Vikran Engineering had previously held a 49% stake in NOPL Solar Projects.
The transaction qualifies as a related party transaction, as one director and one key managerial personnel (KMP) of Vikran Engineering also serve as directors in NOPL Solar Projects. The company said the acquisition was undertaken on an arm’s length basis.
Vikran Engineering said the acquisition aligns with its strategy to expand its footprint in the renewable energy sector. It will enable business diversification and support long-term growth through participation in solar energy projects.
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