Enviro Infra Engineers Limited (Enviro) said its wholly owned subsidiary EIE Renewables Private Limited has entered into a share purchase agreement to acquire a controlling stake in Suyog Urja Limited (Suyog Urja), a wind energy engineering procurement and construction company. The deal is valued at Rs 3.11 billion and will be paid in three tranches, with the first tranche of Rs 1.11 billion securing 51 per cent equity. The acquisition advances Enviro’s integrated renewables strategy.

Enviro said the acquisition expands its capabilities across solar, wind and battery energy storage systems (BESS) and complements the company’s established water and wastewater infrastructure business. The consolidated order book of the Enviro group now stands at about Rs 56 billion, comprising Rs 44 billion in EPC, Rs 12 billion in operations and maintenance, and an independent power producer portfolio including 79 MW of solar and 150 MWh of BESS. Suyog Urja brings execution experience of over 500 MW completed and 600 MW under execution.

Under the transaction Enviro will acquire 51 per cent for Rs 1.11 billion up front, followed by 24 per cent for Rs 1.0885 billion in 2027 and the remaining 25 per cent for Rs 0.9115 billion in 2028, taking ownership to 100 per cent on completion. The deal will be funded through an equal mix of equity and debt and Suyog Urja’s chief executive will continue in his role. Tranche valuations will be linked to key performance indicators and projected financial metrics.

Suyog Urja operates an asset light zero debt model and reported healthy profitability metrics, with reported profit after tax margins above 11 per cent. For financial year 2026 the company is expected to report revenue of Rs 3.55 billion and profit after tax of Rs 0.38 billion, supported by an order book of about Rs 6.5 billion and a technical team of more than 160 staff. Enviro said the acquisition positions the group to pursue larger hybrid and integrated renewable projects.