H.G. Infra Engineering Expands Solar Portfolio with New Subsidiary

On June 10, 2024, H.G. Solar Projects Private Limited, fully owned by H.G. Infra Engineering Limited, formed a new subsidiary called H.G. Jaipur Solar Project Private Limited.

The acquisition could be categorised as a related party transaction since the investment is in a step-down subsidiary, fully owned by H.G. Solar Projects Private Limited and wholly owned by H.G. Infra Engineering Limited. Ms Poonam Singh Choudhary and Mr Navneet Choudhary, directors of H.G. Jaipur Solar Project Private Limited, are part of the company’s promoter group. However, the shares have been acquired at par and through arm’s length dealings.

The entity being acquired, H.G. Jaipur Solar Project Private Limited, operates within the Solar Power industry. Since it’s a newly established company, there’s currently no impact on the Company.

Details of Acquisition 

The acquisition has been settled via cash consideration. The initial subscription to the share capital amounts to ₹1,00,000, divided into 10,000 Equity Shares of ₹10 each.

Percentage of shareholding

H.G. Solar Projects Private Limited, a wholly-owned subsidiary of the Company, has acquired 100% ownership of H.G. Jaipur Solar Project Private Limited.

About H.G. Jaipur Solar Project Private Limited

H.G. Jaipur Solar Project Private Limited was incorporated on June 4, 2024, and received its certificate of incorporation from the Registrar of Companies, Central Registration Centre, on June 10, 2024, under the Companies Act, 2013. The company operates in the Solar Power sector. The company has not started its business operations, so there is no turnover to report.

About H.G. Infra Engineering Limited

H.G. Infra Engineering Limited is a leading company in the roads and highways sector, with over 15 years of experience. They provide engineering, procurement, and construction (EPC) services on a turnkey basis and handle civil and infrastructure projects focused on road construction. The company operates in Rajasthan, Uttar Pradesh, Haryana, Uttarakhand, Maharashtra, and Arunachal Pradesh.

On June 11, 2024, HG Infra Engineering Ltd’s share price opened at ₹1,600.00, touching the day’s high of ₹1,692.00 as of 10:14 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.