Enviro Infra Engineers Ltd is accelerating its clean energy ambitions with a strategic entry into the wind EPC segment. The company has announced that its wholly owned subsidiary, EIE Renewables Pvt Ltd, has signed a share purchase agreement to acquire Suyog Urja Limited in a deal valued at ₹311 crore.
A phased acquisition with clear milestones
The transaction will be executed in three tranches, beginning with a 51% stake acquisition for ₹111 crore. This will be followed by a 24% stake purchase worth ₹108.85 crore in 2027 and the remaining 25% for ₹91.15 crore in 2028, eventually giving Enviro full ownership. The deal is structured with a balanced 50:50 mix of equity and debt, with subsequent tranches linked to performance KPIs.
Suyog Urja operates on an asset-light, zero-debt model and delivers healthy profitability, with PAT margins exceeding 11%. For FY26, the company is expected to post revenue of ₹355 crore and PAT of ₹38 crore, backed by a robust ₹650 crore order book and a 160-member technical team. Its projected cumulative PAT of ₹175 crore between FY26 and FY28, alongside a strong future order pipeline, underpins the valuation.
Building a multi-segment renewable platform
This acquisition marks a pivotal step in Enviro’s strategy to evolve into an integrated sustainability solutions provider. With an established presence in water and wastewater treatment, along with growing capabilities in solar and battery energy storage systems (BESS), the addition of wind EPC strengthens its ability to deliver end-to-end clean energy solutions.
Post-acquisition, Enviro’s consolidated order book stands at approximately ₹5,600 crore. This includes ₹4,400 crore in EPC projects, spanning ₹2,500 crore in water and ₹1,900 crore in renewable, alongside ₹1,200 crore in O&M and an IPP portfolio comprising 79 MW of solar and 150 MWh of BESS capacity.
Strategic synergies and growth levers
Suyog Urja brings deep execution capabilities, with over 500 MW of completed projects and 600 MW under execution. Its expertise spans land acquisition, regulatory approvals, engineering, and commissioning, capabilities that are expected to seamlessly integrate with Enviro’s existing strengths.
The acquisition also opens up opportunities in hybrid renewable projects combining solar, wind, and storage, while enhancing Enviro’s positioning in power transmission and evacuation infrastructure. Additionally, Suyog Urja’s relationships with high-credit private sector clients expand Enviro’s access to repeat business and large-scale project opportunities.
Diversified solutions
Enviro Infra Engineers Chairman Sanjay Jain said the acquisition as a “significant milestone” in the company’s journey to deliver diversified, future-ready sustainability solutions. He highlighted that the addition of wind EPC capabilities complements Enviro’s broader clean energy ambitions.
Chetraj Khadka, who will continue as CEO of Suyog Urja, noted that the partnership provides the right platform to scale operations, pursue more complex projects, and build integrated renewable solutions across solar, wind, and storage.