New Delhi, May 11 -- EIE Renewables Private Limited, the unlisted renewable energy arm of listed infrastructure firm Enviro Infra Engineers, has signed a phased 100% stake acquisition agreement (SPA) with Suyog Urja Limited, a wind and solar EPC company with over 500 MW of executed projects, in a deal valued at approximately Rs.311 crore. The transaction marks a significant consolidation move in India's renewable energy sector, aligning capital, operational expertise, and long-term sustainability goals at a time when the country's clean energy build-out is accelerating at an unprecedented pace.
Suyog Urja has established itself as a credible pan-India wind and solar infrastructure developer, offering EPC services with proven project management capabilities. With a portfolio of over 500 MW of completed and 600 MW of under-execution projects, an order book of approximately Rs.650 crore, the company has built meaningful scale in a segment where execution capability and developer relationships are the primary competitive differentiators. Its asset-light, zero-debt operating model with PAT margins above 11%, reflects a disciplined approach to growth.
The acquisition will be completed in three tranches: an immediate 51% controlling stake for Rs.111 crore, with the remaining 49% acquired in a phased manner over approximately two years, with later tranches linked to KPI-based milestones.
For Enviro Infra, the deal strengthens its capabilities by adding wind EPC to an existing portfolio spanning solar and battery energy storage and pushes the consolidated group order book to approximately Rs.5,600 crore. The group had already made a decisive push into Battery Energy Storage Systems earlier in 2026, winning NTPC orders worth over Rs.1,070 crore across five projects. The Suyog Urja acquisition now completes that picture, giving EIE Renewables a full-stack clean energy platform positioned to pursue larger, integrated hybrid projects. Together, the transaction unlocks access to institutional capital, a stronger balance sheet, and the platform bandwidth to compete for more complex, higher-value mandates.
Suyog Urja's promoter Chetraj Khadka will continue as CEO of the company, along with the other key managerial personnel, ensuring operational continuity as both businesses integrate and scale.
The overall valuation is underpinned by a projected cumulative PAT of Rs.175 crore for FY2026-28 and an estimated opening order book of over Rs.1,090 crore as of April 2028. These metrics reflect Suyog Urja's strong near-term revenue visibility and the confidence both parties have placed in its execution pipeline. For FY26, the company is projected to report revenue of Rs.355 crore and PAT of Rs.38 crore, with a revenue trajectory that has doubled each year in last two years.
The transaction was structured and executed by TATTVAM, which served as exclusive financial advisor to Suyog Urja and its shareholders. The firm managed the entire process, from strategic buyer identification and outreach, evaluating potential synergies and compatibility fit, through to deal architecture, negotiation, and execution of definitive agreements. Central to TATTVAM's approach was designing a phased, performance-linked structure that balanced near-term valuation certainty for the sellers with long-term milestone alignment for the acquirer. This approach is increasingly relevant in mid-market renewable transactions where multi-year earnings visibility is a key part of the underwriting thesis.
Speaking on the transaction, CA Pitam Goel, Co-founder of TATTVAM, underscored the evolving nature of deal-making in today's investment environment. "Transactions today are no longer just about valuation; they're about alignment, sustainability, and execution certainty. This deal reflects how a well-thought-out structure can create a win-win outcome for all stakeholders." CA Tushar Aggarwal, Co-founder, added: "Our focus was to ensure that both parties were aligned not just on immediate financial terms, but also on long-term strategic objectives. The phased approach enabled flexibility while maintaining discipline in execution."
CA Ankit Sharma, Partner at TATTVAM and lead advisor for Strategic Transactions, emphasised the importance of disciplined post-transaction execution in determining the long-term success of M&A transactions. Commenting on the transaction, he stated, 'In our experience, the real value of an acquisition is realised over a long term after the closing and that the first 12 months are often the most critical, particularly in founder-led businesses, where integration extends far beyond the transfer of shares and consideration. Successful transactions require thoughtful alignment of culture, teams, management practices, operating processes, reporting frameworks, infrastructure, and execution capabilities. We strongly believe that integration planning should begin alongside transaction execution, so that both organisations are operationally prepared from day one.'
The deal comes at a moment when India's renewable energy sector is seeing a distinct uptick in capability-driven M&A, as larger platforms look to consolidate specialised EPC and development capabilities rather than build them in-house. Wind, in particular, is attracting renewed attention, with policy tailwinds, improving turbine economics, and the push toward hybrid and firm-and-dispatchable renewable energy projects creating strong demand for execution-ready wind EPC players. For Suyog Urja, the transaction is a platform event that preserves operational continuity while unlocking the capital and credibility needed to compete at the next scale.
NOTE: No VCCircle Journalist was involved in the creation of this content.
Published by HT Digital Content Services with permission from VC Circle.