-- Wastewater treatment company Enviro Infra Engineers (NSE:EIEL, BOM:544290), through its wholly-owned subsidiary, EIE Renewables, agreed to acquire a controlling stake in wind energy company Suyog Urja, according to a Wednesday filing to the Indian stock exchanges.
The deal is valued at 3.11 billion Indian rupees, payable in three tranches, with the first tranche of 1.11 billion rupees for 51% equity.
This will be followed by 24% for 1.09 billion Indian rupees in 2027, and the remaining 25% for 911.5 million rupees in 2028, taking total ownership to 100%. The transaction will be funded through a 50:50 mix of equity and debt.
On completion of the transaction, the consolidated order book of the ENVIRO group stands at around 56 billion rupees.
The company's shares were up over 1% in recent trade.