Haryana -based solar module manufacturer Saatvik Green Energy has acquired an 80% equity stake in Melcon Transformers and Electricals, a Jaipur-based transformer manufacturer.

The acquisition involves 8,000 equity shares, valued at ₹24 million (~$255,943), to be paid in cash.

Melcon Transformers and Electricals, incorporated in 2005, manufactures transformers used in power transmission and distribution.

Its product portfolio includes oil-type, dry-type, and auxiliary transformers, with capacities ranging from 5 kVA to 12,500 kVA, up to the 33 kV class.

Saatvik said the acquisition is intended to diversify its operations into transformer manufacturing and strengthen its presence across the power value chain.

The company stated that the move is aimed at integrating capabilities across generation, transmission, and execution.

The acquisition is expected to be completed within 30 days and does not require regulatory approvals, according to the filing.

Melcon reported a turnover of ₹417.3 million (~$4.45 million) in the financial year (FY) 2025, down from ₹652.7 million (~$6.96 million) in FY 2024 and ₹832 million (~$8.87 million) in FY 2023.

Saatvik said the acquisition could provide operational and supply chain benefits by enabling greater control over key components used in its projects. The company also indicated that combining capabilities and customer relationships may support the expansion of its product and service offerings.

Saatvik Green Energy operates a solar module manufacturing facility with a capacity of 4.8 GW in Ambala, Haryana. The company is also developing an integrated manufacturing facility in Odisha with planned capacities of 4 GW for modules and 4.8 GW for solar cells.

Saatvik Green Energy was among the top solar module suppliers in 2025, according to Mercom’s recently released India Solar Market Leaderboard 2026.

Recently, Saatvik Solar Industries, a subsidiary of Saatvik Green Energy, won a ₹6.38 billion (~$67.35 million) order to supply G12 R TOPCon solar cells from a solar module manufacturer.