Saatvik Green Energy Limited (SGEL), an India-based manufacturer of PV modules, has invested INR 251.60 crores (~ $27.7 million) in its subsidiary. The transaction involves the acquisition of 8,500,000 equity shares to fund a 4 GW manufacturing facility. According to the filing dated 4 February 2026, the company utilized proceeds from its September 2025 Initial Public Offer. This capital infusion supports the establishment of a new PV module production site in Odisha as part of domestic capacity expansion. The subsidiary, Saatvik Solar Industries Private Limited, has reported a turnover of INR 11,852.52 millions (~$130.38 million) for 2025, a critical growth from the INR 35.95 millions (~ $0.40 million) recorded in 2024. SGEL has also stated that the arm’s-length related-party transaction did not alter the subsidiary’s ownership structure. According to SGEL, the investment aligns with the company's expansion into PV thermal, green hydrogen, and wind energy sectors.