Samvardhana Motherson International (SAMIL) has approved the acquisition of Onega Solar Power Limited (OSPL-SPV) through its subsidiary, Motherson New Energy Limited (MNEL). This acquisition will give Motherson 100% ownership of OSPL-SPV. The move will support the development of a 15 MWp Group Captive Solar Project in Uttar Pradesh, supporting SAMIL’s sustainability goals and reducing its carbon footprint. The deal is expected to close in Q3 FY26.
Strategic Acquisition of Onega Solar Power
Samvardhana Motherson International Limited (SAMIL) has announced the acquisition of Onega Solar Power Limited (OSPL-SPV) to boost its renewable energy capabilities. The deal, approved on November 13, 2025, will be executed through Motherson New Energy Limited (MNEL), a wholly owned subsidiary of SAMIL. The acquisition aims to secure 100% ownership of OSPL-SPV.
Project Details and Rationale
OSPL-SPV is a special purpose vehicle focused on developing a 15 MWp Group Captive Solar Project located in Uttar Pradesh. This initiative aligns with SAMIL’s commitment to sustainability, enabling long-term cost efficiencies and a reduced carbon footprint. Following the acquisition, OSPL-SPV will be responsible for the development, ownership, and operation of the solar project to meet the renewable energy needs of the Motherson Group.
Captive Consumers and Equity Structure
As part of the agreement, captive consumers will collectively hold 30% of the equity share capital of OSPL-SPV on a fully diluted basis. These consumers will also enter into long-term Power Transfer Agreements with OSPL-SPV for the transfer of solar power, adhering to electricity laws. SAMIL, along with its subsidiaries, will hold 15.94%, JV & Associates will hold 9.76%, and promoter entities will acquire up to 4.30% of the equity share capital.
Financial Details and Timeline
The acquisition involves a cash consideration of INR 13.19 million for 100% stake in OSPL-SPV. The transaction is expected to be completed in Q3 FY26. According to the announcement, as of March 31, 2025, OSPL-SPV’s financials showed a revenue of Nil and an EBITDA of -0.16 million INR.
Project Development and Management
MNEL will oversee the development and maintenance of the project under an Engineering Procurement & Commissioning and Operations & Management Contract. Further investments in OSPL-SPV will be made via equity shares and compulsorily convertible debentures as project milestones are achieved.
Source: BSE
