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Energizing Growth: Zodiac Energy Limited Makes Strategic Leap with Dharmik Solar Projects LLP Acquisition

Swarnadwip Nath Published Aug 13, 2025, 12:45 AM Updated Sep 16, 2026, 03:41 AM

Zodiac Energy Limited, a leading renewable energy solutions provider headquartered in Ahmedabad, is renowned for turnkey solar solutions across India. This latest strategic partnership marks a major step forward: Zodiac now holds a commanding 51% ownership in Dharmik Solar Projects LLP, which, as of today, officially becomes Zodiac’s subsidiary. This maneuver, executed via a direct capital contribution, reflects the company’s ongoing vision to widen its portfolio and reinforce its leadership in the sector.

Key Highlights of the Acquisition

Zodiac Energy Limited successfully acquires 51% stake in Dharmik Solar Projects LLP as of August 12, 2025.
Dharmik Solar Projects LLP, incorporated on December 23, 2020, operates in India, focusing on setting up solar power plants, producing electricity from solar, and selling solar power.
Zodiac’s acquisition was completed through a cash consideration of Rs.51,000, representing its contribution out of the LLP’s total capital of Rs.1,00,000.
Dharmik Solar Projects LLP reports zero turnover for the last three financial years (FY2022-23, FY2023-24, FY2024-25), indicating that the entity is newly positioned for growth under Zodiac’s guidance.

Segregated Insights

Business Purpose and Strategic Fit

The acquisition aligns perfectly with Zodiac Energy’s core objectives. Dharmik Solar Projects operates within Zodiac’s principal business line, which encompasses the design, supply, installation, testing, commissioning, and ongoing maintenance of solar power plants across residential, commercial, and industrial segments. By bringing Dharmik under its wing, Zodiac Energy sets the stage for expansion while deepening its expertise in solar project development and energy production.

Related Party Transaction and Governance

The deal is classified as a related party transaction: Zodiac’s promoters and their group entities are directly interested. However, the entire process was executed at arm’s length, with careful adherence to regulatory demands, notably those of SEBI’s Listing Obligations and Disclosure Requirements. No governmental or external regulatory approvals were required for this transaction.

Financial Scope and Ownership Structure

Total Capital of Dharmik Solar Projects LLP: Rs.1,00,000.
Zodiac’s Contribution: Rs.51,000, representing the 51% stake.
Acquisition completed via cash consideration, not a share swap or alternative instrument.
With the acquisition, Dharmik Solar Projects LLP transforms into a subsidiary led by Zodiac Energy Limited.

Operational Impact and Future Outlook

This acquisition is a catalyst for Zodiac’s future solar ventures. Although Dharmik Solar Projects has yet to report turnover, its integration positions Zodiac to leverage new opportunities in solar infrastructure setup, electricity production, and power sales. As the company continues expanding its installed solar capacity, this move promises to generate commercial value and drive growth.

Background on Zodiac Energy Limited

Zodiac Energy has a track record of executing large-scale solar projects—recently commissioning multi-megawatt plants in Gujarat—and serving over 10,000 customers nationwide. This acquisition cements Zodiac’s dominance in solar energy, promising further innovation and operational scale.

Conclusion

Today’s acquisition news spotlights Zodiac Energy Limited’s forward-looking strategy in renewable energy. By acquiring Dharmik Solar Projects LLP, Zodiac reaffirms its industry leadership, preparing to capture emerging market demand while supporting India’s ambitious renewable goals.

Source: Company Disclosure to the Stock Exchanges

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