KPI Green Energy Subsidiary Plans INR 55.8 Crore Acquisition of DEK and Mavericks Green Energy Limited
KPI Green Energy’s subsidiary, Sun Drops Energia Limited, has approved a proposal to acquire up to 100% equity stake in DEK and Mavericks Green Energy Limited (DMGEL) at a valuation of ₹55.80 crore. The proposed transaction was approved by the Board of Sun Drops Energia on August 21, 2026. The acquisition will be carried out […]
KPI Green Energy’s subsidiary, Sun Drops Energia Limited, has approved a proposal to acquire up to 100% equity stake in DEK and Mavericks Green Energy Limited (DMGEL) at a valuation of ₹55.80 crore.
The proposed transaction was approved by the Board of Sun Drops Energia on August 21, 2026. The acquisition will be carried out through the purchase of up to 1.71 crore equity shares of DMGEL at ₹32.66 per share. As consideration, Sun Drops will issue up to 15,89,781 Compulsorily Convertible Preference Shares (CCPS) of equivalent value to DMGEL’s shareholders, subject to the required shareholder approvals and regulatory compliances.
If Sun Drops acquires 50% or more of DMGEL, the company will become a step-down subsidiary of KPI Green Energy. The acquisition is expected to be completed by September 30, 2026, subject to shareholder approval and applicable compliances.
DMGEL operates in the renewable energy sector and provides EPC and project development solutions, with activities spanning utility-scale ground-mounted solar projects, commercial and industrial rooftop solar, hybrid power solutions, battery energy storage systems (BESS), transmission infrastructure and operations and maintenance services.
Sun Drops said the proposed acquisition is aimed at expanding its renewable energy business by leveraging DMGEL’s technical expertise and project execution capabilities.
The proposed acquisition will constitute a related party transaction to the extent that Sun Drops acquires shares held by Dr. Faruk G. Patel, Promoter and Director of Sun Drops, who currently owns 8.95% of DMGEL’s equity share capital.
The company stated that the transaction is being undertaken on an arm’s-length basis, based on a valuation report issued by a registered valuer dated August 20, 2026.
DMGEL was incorporated on November 16, 2021, and is registered with the Registrar of Companies, Ahmedabad. The company reported turnover of ₹213.98 crore in FY2025-26, compared with ₹150.04 crore in FY2024-25 and ₹30.62 crore in FY2023-24.
The proposed acquisition would further strengthen KPI Green Energy’s presence across renewable energy development, EPC and associated infrastructure services.
