Apcotex Industries Limited completes Rs 72 lakh solar stake

Apcotex completed its Rs 72 lakh cash acquisition of 7,20,000 shares, or 1.275%, in solar special purpose vehicle (SPV) Amplus Ampere Private Limited on October 31, 2026. Apcotex said the minority holding is intended to support captive consumption of solar power generated by Amplus Ampere, which reported financial year (FY) 25-26 turnover of Rs 17.2451 crore.

What did Apcotex complete on October 31, 2026?

Apcotex completed the acquisition of 7,20,000 equity shares of Amplus Ampere on October 31, 2026. The shares represented a 1.275% equity stake and had been held by NRB Bearings Limited, making the filing confirmation of completion rather than only an agreement to buy.

The completed transaction followed a sale and purchase of shares agreement disclosed on October 22, 2026. That agreement involved NRB Bearings Limited, Amplus Energy Solutions PTE Ltd and Amplus Ampere, while the October 31 disclosure records that Apcotex completed the purchase in cash.

Amplus Ampere is a subsidiary of Amplus Energy Solutions PTE Ltd and is identified as an SPV. The target is in the power sector and the filing reports its presence in India; it does not provide details of any presence elsewhere.

How much did Apcotex pay for the Amplus Ampere stake?

Apcotex paid Rs 72 lakh in cash for the 1.275% stake in Amplus Ampere. The consideration covered 7,20,000 equity shares with a face value of Rs 10 each, and the disclosure does not identify a share-swap component.

The stated consideration calculates to Rs 100 for each acquired share, based on Rs 72 lakh divided by 7,20,000 shares. This calculated transaction price differs from the Rs 10 face value per share and is not a valuation of all Amplus Ampere shares, because the filing gives no enterprise value or valuation figure.

The filing describes the purchase as an acquisition of shares held by NRB Bearings Limited rather than a new issue of shares by Amplus Ampere. Apcotex acquired a 1.275% minority interest, while the disclosure does not state that it acquired control of the SPV.

Why did Apcotex buy a stake in the solar SPV?

Apcotex said the acquisition objective is captive consumption of solar power generated by Amplus Ampere. The stated purpose links the 1.275% holding to the SPV's solar-power generation rather than to an undisclosed business expansion.

The filing classifies Amplus Ampere in the power sector and identifies it as an SPV, but does not state its generation capacity, project location, power tariff or expected captive-consumption volume. It also does not quantify any expected power-cost change from the Rs 72 lakh investment.

The acquisition was not classified as a related-party transaction. Apcotex also stated that its promoter and promoter-group companies had no interest in Amplus Ampere, distinguishing the October 31, 2026 transaction from a purchase involving an identified group-affiliated target.

What does Amplus Ampere's turnover history show?

Amplus Ampere reported turnover of Rs 17.2451 crore in FY 25-26, compared with zero turnover in both FY 24-25 and FY 23-24. The three-year comparison shows that the target recorded turnover in the latest reported financial year after two financial years shown as zero.

The FY 25-26 amount is converted from Rs 1,72,451 thousand in the disclosure. The filing labels the measure as turnover, rather than profit, cash flow or generation output, so it does not establish Amplus Ampere's profitability or the electricity volume available for Apcotex's captive use.

Amplus Ampere was incorporated on March 26, 2021. Its disclosed turnover history covers FY 23-24 to FY 25-26, while the filing gives no explanation for the zero figures in the first two financial years.

What approvals and remaining terms did Apcotex disclose?

Apcotex stated that no governmental or regulatory approvals were required for the acquisition. It also recorded completion on October 31, 2026, so the filing identifies no outstanding approval condition for the 7,20,000-share purchase.

The consideration was cash, the seller was NRB Bearings Limited and the target was Amplus Ampere, a subsidiary of Amplus Energy Solutions PTE Ltd. Beyond those parties and the October 22, 2026 agreement, the disclosure does not set out payment timing, shareholder rights, board representation or restrictions linked to the 1.275% holding.

The target's disclosed business is described through its power-sector classification and the captive solar-consumption objective. The filing records no additional significant information about Amplus Ampere and does not provide a solar-project commissioning schedule or future operating target.

Conclusion

The October 31, 2026 completion moved Apcotex from its October 22 agreement to ownership of a 1.275% minority stake in Amplus Ampere for Rs 72 lakh in cash. The disclosed rationale is captive consumption of solar power, while the target's turnover changed from zero in FY 23-24 and FY 24-25 to Rs 17.2451 crore in FY 25-26.

What to watch next is whether Apcotex discloses operating details of its captive-consumption plan, including solar-power volumes, commercial terms or cost effects. The October 31 filing does not provide those metrics, a commissioning timetable or an expected financial contribution, despite confirming completion of the 7,20,000-share acquisition.