Krystal Integrated Services forms SPV for rooftop solar projects at Maharashtra government hospitals
Type: Investment · Technology: Solar · Country: India · Announced: 2026-03-21
Krystal Integrated Services has incorporated Advait Krystal Solar Energy SPV Private Limited to execute rooftop solar projects across government hospitals and medical colleges in Maharashtra. Krystal subscribed to 4,900 equity shares for a 49% stake in the SPV, amounting to INR 49,000 (~$710). This incorporation follows a directive from the Directorate of Medical Education & Research, Maharashtra, requiring an SPV to act as a concessionaire for these projects. The SPV, which is yet to commence business, is intended to undertake solar, wind, hybrid, and storage activities, including EPC, operations, maintenance, and consultancy.
Analysis
Krystal Integrated Services has incorporated Advait Krystal Solar Energy SPV Private Limited to execute rooftop solar projects at Maharashtra government hospitals and medical colleges. Krystal subscribed to 4,900 equity shares for a 49% stake in the SPV, amounting to INR 49,000 (~$710). The SPV, which is yet to commence business, is intended to undertake solar, wind, hybrid, and storage activities, including EPC, operations, maintenance, and consultancy. This incorporation follows a directive from the Directorate of Medical Education & Research, Maharashtra, requiring an SPV to act as a concessionaire for these projects.
Key points
- Krystal Integrated Services formed Advait Krystal Solar Energy SPV Private Limited.
- Krystal subscribed to 4,900 equity shares for a 49% stake.
- Investment amount for Krystal's stake was INR 49,000 (~$710).
- Projects are for rooftop solar at Maharashtra government hospitals and medical colleges.
- SPV will undertake solar, wind, hybrid, and storage activities.
Counterparties
- Krystal Integrated Services (Parent Company)
- Advait Krystal Solar Energy SPV Private Limited (Investor)
- Advaita Enterprises International Private Limited (Partner)