MITCON is expanding its solar asset portfolio by acquiring a 49% stake in two new solar power generation Special Purpose Vehicles (SPVs): MINVEN Solar 02 Private Limited and MINVEN Solar 03 Private Limited.

This cash acquisition, valued at face value of Rs 10 per share, is a strategic move to boost MITCON's presence in the renewable energy sector.

While these target companies currently have nil turnover, the deal underscores MITCON's commitment to long-term growth and building its solar energy capabilities.

The acquisition is expected to be completed within 60 days.