New Delhi, Apr 29: Enviro Infra Engineers Limited, a leading player in the water and wastewater treatment sector, announced that its wholly owned subsidiary, EIE Renewables Private Limited, has entered into Share Purchase Agreement to acquire a controlling stake in Suyog Urja Limited, a wind energy EPC company.
This strategic acquisition marks a significant step in Enviro’s journey to build a diversified and integrated renewable energy platform, complementing its established presence in water and wastewater infrastructure.
Commenting on this move, Mr. Sanjay Jain, Chairman, Enviro Infra Engineers Limited, said:
“This acquisition marks a significant milestone in our vision to deliver diversified solutions for a greener planet. Our strategy has consistently been to deepen our presence across the sustainability ecosystem, and the addition of wind EPC capabilities further strengthens that vision. Alongside our existing strengths in water and wastewater treatment, solar and energy storage, we are now well positioned to deliver integrated, future-ready solutions to our clients. Suyog Urja brings deep domain expertise, a strong execution track record, and long-standing relationships with leading developers. With a healthy order book and strong growth visibility, this acquisition further strengthens our renewable platform and positions us to capitalise on emerging opportunities in the energy transition.
We remain committed to disciplined capital allocation, operational excellence, and creating long- term value for all stakeholders, while continuing to scale our core water and wastewater business.”
Commenting on this acquisition Mr Chetraj Khadka, CEO, Suyog Urja Limited said,
“Partnering with Enviro Infra Engineers marks an important milestone for Suyog Urja. Their strong balance sheet, execution track record, and growing presence in renewables provide the right platform for our next phase of growth. Together, we are well-positioned to scale our wind EPC capabilities, pursue larger and more complex projects, and deliver integrated renewable solutions across solar, wind, and storage.”
Post-acquisition, the consolidated order book of the ENVIRO group stands at approximately ₹5,600 crore. ₹4,400 crore in EPC (₹2,500 crore water, ₹1,900 crore renewables), along with ₹1,200 crore in O&M and an IPP portfolio comprising 79 MW of solar and 150 MWh of BESS.
Strategic Rationale
The acquisition enables Enviro to expand into the high-growth wind energy EPC segment, adding a critical capability to its existing renewable portfolio spanning solar and battery energy storage systems (BESS).
Suyog Urja Limited brings with it:
- ·Build capabilities across Solar, Wind, and BESS, unlocking opportunities in hybrid renewable projects
- ·Strengthen its position in power transmission and evacuation infrastructure
- ·Diversify its client base with high-credit-rated private sector clients
- ·Leverage the acquired company’s experience of over 500 MW of projects completed, and 600 MW of projects under execution
- ·A well-established technical team and in-house capabilities across land acquisition, regulatory approvals, engineering, execution, and commissioning
- ·A healthy order book of approximately ₹650 crore, along with a strong pipeline of additional opportunities
- ·Strengthening Renewable Platform
With this acquisition, Enviro strengthens its renewable energy vertical as a multi-segment platform, enabling:
- ·Entry into a new and complementary renewable segment
- ·Enhanced ability to deliver end-to-end solutions across solar, wind and BESS
- ·Access to a broader set of customers and project opportunities
- ·Increased competitiveness in large-scale infrastructure and energy transition projects
- ·The acquisition aligns with Enviro’s broader strategy of diversifying into high-growth adjacencies, while continuing to scale its core wastewater treatment business.
Operational Synergies
The acquisition is expected to deliver multiple strategic and operational benefits, including:
- ·Leveraging complementary expertise across engineering, procurement and project execution
- ·Strengthening capabilities in land acquisition, regulatory approvals and project execution and Commissioning
- ·Enabling cross-functional synergies across Enviro’s water and renewable segments
- ·Building a platform for integrated infrastructure solutions
- ·Suyog Urja’s established relationships with leading renewable energy developers further enhance Enviro’s access to repeat business opportunities and long-term client partnerships.
Transaction Overview
The Company, through its Wholly Owned Subsidiary, has acquired 51% for ₹ 111 crore, followed by 24% for ₹ 108.85 crore in 2027, and the remaining 25% for ₹ 91.15 crore in 2028, taking total ownership to 100%. The erstwhile Promoter, Mr. Chetraj (with an overall experience of 20 years), will continue as CEO. The transaction will be funded through a 50:50 mix of equity and debt.
Suyog Urja Limited operates an asset-light, zero-debt model with PAT margins above 11%. For FY26, it is expected to report revenue of ₹ 355 crore and PAT of ₹ 38 crore, supported by an order book of ~₹650 crore and a 160+ strong technical team.
Tranche 2 and Tranche 3 valuation is KPI based. The cumulative PAT of ₹ 175 Crore for F.Y. 2026 to F.Y. 2028, along with an opening order book projected at more than ₹ 1,090 crore as on 1st April 2028, justifies the valuation of ₹ 311 Crore.
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