Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has entered into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions, which is setting up a 41 MW solar project in Maharashtra. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110). Saatvik will complete the transaction at an acquisition cost of ₹13.06 million (~$144,145). IHSPL has entered into a power purchase agreement with Maharashtra State Electricity Distribution Company to set up a 41 MW solar project. Saatvik Cleantech intends to execute the project jointly with RMC Switchgears. Saatvik said the acquisition is part of its expansion into the independent power producer segment.
