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Enviro Infra Engineers to Acquire Sunaxis Renewables, Expands Solar Portfolio

Enviro Infra Engineers Ltd (EIEL), a New Delhi-based waste and wastewater management firm, will acquire Sunaxis Renewables from its wholly owned subsidiary EIE Renewables for Rs100,000. The acquisition, categorized as a related party transaction, involves the purchase of 10,000 shares at a face value of Rs10 each. Promoter-directors Sanjay Jain and Manish Jain, who hold equal stakes in Sunaxis, are also directors of EIEL. The transaction is expected to close by June 30, 2025, following which Sunaxis will become a step-down subsidiary of EIEL.

Sunaxis Renewables, formed less than a year ago, has no recorded turnover and specializes in the development and full lifecycle management of ground-mounted and floating solar projects. The move strengthens EIEL's presence in solar infrastructure, complementing its existing wastewater treatment operations, which include 784 MLD in water treatment capacity and solar-integrated STPs in Bikaner (52 MLD) and Kota (30 MLD), both in Rajasthan.

This acquisition follows EIEL’s recent Rs500 million purchase of EIE Renewables, reflecting its strategic push into the renewable energy sector. The transaction occurs amidst a slight dip in solar sector M&A activity, with 19 deals recorded in Q1 2025—down 10% from the previous year. Despite this, downstream solar companies like Sunaxis continue to dominate deal flow, indicating sustained interest in project development assets.