Saatvik Green Energy Limited has announced that its material subsidiary, Saatvik Solar Industries Private Limited, has entered into a significant lease agreement with M P Industrial Development Corporation Limited. The lease covers 185 acres of land in the Manufacturing Zone for Power and Renewable Energy Equipment, located at Plot No. 5, Industrial Area, Mohasa–Babai, Phase 2, Tehsil Makhan Nagar, District Narmadapuram. The agreement is valued at ₹11.17 crore, excluding other applicable charges and duties, and is set for a tenure of 99 years.
The purpose of this lease is to support future capacity expansion and operational synergies with Saatvik’s existing facility, thereby strengthening the company’s long-term growth strategy. The agreement does not involve any shareholding or special rights such as the right to appoint directors or restrict changes in capital structure. Furthermore, the transaction does not fall within related party transactions, ensuring that it is conducted at arm’s length.
The lease agreement marks a strategic move for Saatvik Solar Industries Private Limited, as it seeks to enhance its operational capabilities in the renewable energy sector. The company aims to leverage this new land acquisition to bolster its manufacturing capabilities and align with its growth objectives.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Arunika Jain and reviewed by Markets Desk before publication.