[SMM Flash News] Swelect Energy Acquires 49% Stake in Gridnex Solar Power to Expand Indian PV Portfolio

Published: Jun 26, 2026 18:55

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Indian solar products maker and EPC contractor Swelect Energy Systems Ltd announced Thursday that it has signed a deal to acquire a 49% stake in Gridnex Solar Power Pvt Ltd, a newly established photovoltaic (PV) project developer and power producer. The interest will be purchased from engineering contractor Apollo Green Energy in an all-cash deal worth INR 4.31 billion (USD 45.6 million). Through its subsidiary Swelect SolarKraft Pvt Ltd, Swelect will acquire 4,900 equity shares, while Apollo retains a 51% majority stake. Gridnex Solar is currently developing eight grid-connected solar projects totaling 80 MW, which will supply electricity to Madhya Pradesh Power Management Company Ltd (MPPMCL). The move requires no regulatory clearance and aligns with Swelect's ambitions to enhance its presence in India’s renewable energy market.

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