RDB Infrastructure signs deal to take majority stake in solar cell venture
RDB Infrastructure will acquire a further 42.5% in Maxim Industries on top of its existing 29%, giving it control of a solar cell manufacturing plant in Chhattisgarh, though no cost or timeline has been disclosed.
— 2 earlier stories on RDB Infrastructure And Power Ltd. →What's new
- Executed shareholders agreement with Maxim Industries and its shareholders
- Will acquire additional 42.5% stake upon meeting specified milestones
- Gets board representation rights equal to Shank Investments
Why this matters
For a nano-cap with a market cap of just ₹463 cr, this is a bold diversification from infrastructure into solar manufacturing. If milestones are met, RDB will control a solar cell plant, but no cost or timeline details exist, leaving execution risk high.
What we're watching
- Whether the milestones are achieved and when
- Details on acquisition cost or valuation
- Impact on balance sheet given recent warrant conversion and guarantee
The full read
RDB Infrastructure is diversifying hard. The nano-cap has signed a shareholders' agreement to take control of Maxim Industries, a solar cell manufacturing venture in Chhattisgarh. RDB already owns 29% of Maxim. On hitting undisclosed milestones, it will buy another 42.5%, enough for a majority stake. It also wins board representation on par with Shank Investments. No cost or timeline has been disclosed. For a company with a ₹463 cr market cap, this is a bet that changes the story. The last quarter brought ₹22 cr in sales and ₹4 cr in profit. The recent warrant conversion of ₹41.46 cr and a ₹17.75 cr corporate guarantee show RDB has been raising capital and taking on liabilities. Now it's aiming at solar. If the milestones are met, the business profile shifts. If not, this is just an option. The open question is the cost.
Questions answered
- What stake will RDB hold in Maxim after the deal?
- RDB already holds 29%, and it will acquire a further 42.5% upon meeting milestones, giving it a controlling stake, though the exact total isn't stated in the agreement.
- Why is RDB moving into solar manufacturing?
- The deal diversifies RDB from its core infrastructure business into the solar cell manufacturing chain. For a nano-cap, this could transform its revenue profile if executed.
- What are the risks in this deal?
- Acquisition cost and timeline are undisclosed. Milestones must be fulfilled to get the additional stake. Execution in a new sector carries inherent risk, especially for a nano-cap.
- How does this compare with RDB's recent moves?
- RDB recently raised ₹41.46 cr via warrant conversion and pledged a ₹17.75 cr guarantee for a group firm. This solar deal is the largest strategic shift.
- Does RDB get board control immediately?
- Not yet. The agreement gives RDB the right to appoint an equal number of directors as Shank Investments, with each party initially nominating one director.
RDB Infrastructure And Power Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on RDBRIL →- 30 Jun 2026 · 7:54 PM IST RDB Infrastructure signs deal to take majority stake in solar cell venture
- 20d ago RDB Infrastructure pledges ₹17.75 cr guarantee for group firm, adds land
- 40d ago RDB Infrastructure raises ₹41.46 cr via warrant conversion