MITCON signs deals to acquire 49% stakes in two MINVEN solar SPVs

MITCON Consultancy & Engineering Services Ltd. ( (IN:MITCON) ) just unveiled an announcement.

MITCON Consultancy & Engineering Services Ltd. has signed acquisition agreements to purchase up to a 49% stake in MINVEN Solar 02 and MINVEN Solar 03, both Indian solar power generation SPVs established in December 2024. The deals, to be executed in cash at face value of Rs. 10 per share via primary and/or secondary transactions, are expected to close within 60 days, subject to conditions precedent.

Both target companies currently have negligible paid-up capital and no recorded turnover as of March 31, 2025, but are structured to develop, generate, and supply solar energy, undertake turnkey projects, and sell power through PPAs in India. The move aligns with MITCON’s strategy to expand its solar asset portfolio, signaling a deliberate push into owning and operating renewable energy assets, which could strengthen its long-term positioning in the solar infrastructure value chain despite the early-stage nature of the targets.

More about MITCON Consultancy & Engineering Services Ltd.

MITCON Consultancy & Engineering Services Ltd. operates in the consultancy and engineering services sector with a growing focus on renewable energy infrastructure. By expanding into solar power generation assets through strategic stakes in special purpose vehicles, the company is positioning itself to build a portfolio of solar projects in India and deepen its presence in the clean energy space.

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