New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (EIEL) has announced it will acquire Sunaxis Renewables (Sunaxis Solar) from EIE Renewables for ₹100,000 (~$1,170.37).

EIE Renewables will invest ₹100,000 (~$1,170.37) by acquiring 10,000 shares at a face value of ₹10 (~$0.117) per share.

Sunaxis Renewables is a special purpose vehicle that develops ground-mounted and floating solar projects.

It oversees the complete lifecycle of floating solar projects, from concept to commissioning, and operation and maintenance. The company also conducts all incidental or ancillary activities.

Sunaxis has a nil turnover as it was incorporated less than a year ago.

The acquisition falls under the related party transaction category. Sanjay Jain and Manish Jain are promoter directors of EIEL and also the directors and shareholders of Sunaxis. They both hold 5,000 shares at a face value of ₹10 (~$0.117) each.

After the acquisition, Sunaxis will become EIEL’s step-down subsidiary. The acquisition is expected to be completed before June 30, 2025.

EIEL’s total order book in the fourth quarter of the financial year 2025 stood at ₹11.86 billion (~$138.8 million).

It has a portfolio of water treatment projects with a total capacity of 784 million liters per day (MLD). It also has a 52 MLD sewage treatment plant (STP) in Bikaner and a 30 MLD STP in Kota, both in Rajasthan. Each plant also has a solar project.

EIE Renewables is a wholly owned subsidiary of EIEL. Recently, EIEL announced it acquired EIE Renewables for ₹500 million (~$5.85 million).

In Q1 2025, the solar industry witnessed 19 merger and acquisition (M&A) transactions, a 10% decrease from the 21 transactions recorded in the same quarter last year. Solar downstream companies led M&A activity with 16 transactions, one each for the balance of system, materials, and service provider companies, according to Mercom Capital’s Q1 Solar Funding and M&A Report.