Mitcon Sun Power Limited agreed to acquire 26.72% stake in Mitcon Solar Alliance Limited from Bharat Wire Ropes Limited (NSEI:BHARATWIRE) for INR 24.1 million on June 28, 2024. A cash consideration of INR 24.09 million will be paid by Mitcon Sun Power Limited. As part of consideration, INR 24.09 million is paid towards common equity of Mitcon Solar Alliance Limited.

As of March 31, 2024, Mitcon Solar Alliance Limited reported total common equity of INR 1.62 million and total revenue of INR 0.

The transaction is subject to approval of merger agreement by target board, which is approved by Bharat Wire Ropes Limited (NSEI:BHARATWIRE). The expected completion of the transaction is June 28, 2024.