Enviro Infra Engineers’ wholly owned subsidiary, EIE Renewables, has signed a share purchase agreement to acquire a 100% stake in Suyog Urja through a phased transaction.

Under the agreement, EIE Renewables will initially acquire a 51% stake in Suyog Urja. It will acquire the remaining 49% stake over 27 months.

The acquisition is expected to be completed on or before July 31, 2028.

The transaction is valued at approximately ₹3.11 billion (~$32.89 million).

Suyog Urja, incorporated in 2008, develops renewable energy infrastructure, particularly in the western and southern regions of India. The company provides infrastructure solutions across the renewable energy project lifecycle, including development and execution support for wind and solar projects.

As of March 31, 2025, the company reported a turnover of ₹1.72 billion (~$18.19 million) and a net worth of ₹303.4 million (~$3.21 million).

The acquisition is not a related-party transaction, and no promoter group entities have an interest in the deal.

Enviro Infra said the acquisition will strengthen its renewable portfolio and support its entry into the wind segment.

Suyog Urja has worked on wind projects across Maharashtra, Karnataka, and Madhya Pradesh.

Suyog Urja has commissioned more than 500 MW of renewable energy projects and has an order book of approximately ₹6.45 billion (~$68.22 million). Its portfolio includes projects executed for Tata Power Saurya, Vibrant Energy, and Suzlon Energy.

Suyog Urja has become a subsidiary of EIE Renewables following the initial stake acquisition.

Recently, EIE Renewables entered into an agreement to acquire PRA Bihar Bess, a special-purpose vehicle of Barbrik Projects, set up to implement a 37.5 MW/150 MWh battery energy storage project in Bihar.

Last year, Enviro Infra Engineers completed the acquisition of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha.