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Zodiac Energy Limited has completed the acquisition of a 63.5% majority equity stake in Zenwatt Clean Energy Private Limited for a total consideration of Rs 11,43,00,000, according to a regulatory filing. The acquisition, which was previously announced on February 9, 2026, will result in Zenwatt Clean Energy becoming a subsidiary of Zodiac Energy, and is intended to expand the company’s renewable energy portfolio and strengthen its operational capabilities. The purchase price was Rs 18 per equity share, and the transaction was undertaken on an arm’s length basis with interest from the promoter and members of the promoter group.

Zodiac Energy Limited has acquired 98% ownership in eight Limited Liability Partnerships, Gopala, Narayana, Maatangi, Krishnapriya, Narayani, Sumitra, Ganesh, and Lakshmi Solar Projects LLP, all engaged in solar power plant development and electricity generation. Each LLP has a capital contribution of Rs. 20,000, and Zodiac Energy’s acquisition cost was Rs. 19,600 per LLP, valuing each entity at approximately Rs. 20,000. Notably, all eight LLPs, incorporated between December 2020 and January 2021, have reported zero turnover for the past three fiscal years. The acquisition, considered a related party transaction, was conducted in compliance with applicable laws and required no governmental approvals, and the LLPs are now subsidiaries of Zodiac Energy. The lack of business activity over the three-year period raises questions regarding the strategic rationale and valuation of the acquisition.

Zodiac Energy Limited has incorporated a wholly-owned subsidiary, ZODIAC ENERGY IPP-3 PRIVATE LIMITED, with a nominal share capital of Rs 10,00,000, according to a regulatory filing on September 15, 2026. The new company, incorporated on September 14, 2026, will operate as a Special Purpose Vehicle (SPV) for solar power generation and engineering, procurement, and construction (EPC) activities, aligning with Zodiac Energy’s business expansion strategy. Zodiac Energy Limited subscribed to 100% of the subsidiary’s initial paid-up share capital, comprising 10,000 equity shares of Rs 10 each.

Zodiac Energy Limited has incorporated a wholly-owned subsidiary, Zodiac Energy IPP-2 Private Limited, with a nominal share capital of Rs 10,00,000, according to a regulatory filing on August 25, 2026. The new company, registered in Gujarat, will operate as a Special Purpose Vehicle (SPV) for solar power generation and engineering, procurement, and construction (EPC) activities, aligning with Zodiac Energy’s business expansion strategy. Zodiac Energy subscribed to 100% of the subsidiary’s initial paid-up share capital, comprising 10,000 equity shares of Rs 10 each.

Zodiac Energy Limited announced it has acquired a majority stake of 98% in Umaputra Solar Projects LLP and Kripalu Solar Projects LLP, both incorporated in 2020, and increased its stake in Harikrishna Solar Projects LLP and Govind Solar Projects LLP to 98% from 15%, effective August 13, 2026, through capital contributions of Rs 19,600 each. The acquisitions, which were carried out on an arm’s length basis, will result in further expansion of Zodiac Energy’s business and the LLPs have become subsidiaries of the company.