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VIKRAN Engineering is expanding its renewable energy footprint by acquiring a 100% stake in NOPL Solar Projects Private Limited, a solar power generation company.
**Issue:** VIKRAN Engineering has acquired an additional 51% stake in NOPL Solar Projects, making it a wholly-owned subsidiary. This acquisition was a related party transaction, as some directors of VIKRAN Engineering are also directors at NOPL Solar.
**Possible Impact:** This move aligns with VIKRAN Engineering's strategy for business diversification and long-term growth in the renewable energy sector. The acquisition of NOPL Solar, which is involved in a 969 MW solar power project under the PM-KUSUM Scheme, could boost the company's presence and earnings in solar energy.
**Company's Response/Mitigation:** The company has clarified that the acquisition was conducted on an arm's length basis and that there are no other interests from promoters or group companies in NOPL Solar. The consideration for the 51% stake was Rs. 5.10 Cr.