Enviro Infra Engineers Limited has announced that its wholly owned subsidiary, EIE Renewables Private Limited, has entered into an agreement to acquire PRA Bihar Bess Private Limited, as per an exchange filing dated April 22, 2026.
The agreement was executed on 21 April 2026, with the company receiving formal intimation on 22 April.
Under the arrangement, EIE Renewables has acquired 49% of the equity share capital of the target entity. The remaining 51% stake is to be acquired within 60 days from the commercial operation date of the project assigned to the company.
The acquisition is being carried out for a total consideration of ₹15.51 crore (₹15,51,00,000), which will be paid in cash. The transaction is not classified as a related party deal, and no promoter or group entity has any interest in the target company.
PRA Bihar Bess Private Limited was incorporated on 21 August 2025 as a special purpose vehicle. It has an authorised capital of ₹10 lakh and a paid-up capital of ₹1 lakh. As a newly incorporated entity, it has not reported any turnover to date.
The company has been set up to develop a battery energy storage system project in Bihar and currently has no operational history.
The project involves the development of a 37.5 MW / 150 MWh battery energy storage system across multiple districts in Bihar under a build-own-operate-transfer model. It is supported by viability gap funding of up to ₹27 lakh per MWh.
A battery energy storage purchase agreement has been signed with Bihar State Power (Holding) Company Limited and its distribution companies. The tariff has been fixed at ₹4.44 lakh per MW per month for a period of 12 years.
The project is expected to involve a capital expenditure of around ₹150 crore. Funding is proposed through a mix of internal accrals and borrowings from financial institutions. The acquisition is expected to be completed on or before 31 May 2027.
As of April 23, 2026, at 11:30 am, Enviro Infra Engineers Ltd share price was trading at ₹213.49, up 0.61% from the previous closing price.
Following the staged acquisition, the target entity will become a step-down wholly owned subsidiary, linked to a long-term storage project in Bihar.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 23, 2026, 11:57 AM IST
Team Angel One
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
