360 ONE WAM Unit Buys Renewable Firm Quark Solar for ₹9.39 Cr

360 ONE WAM Limited's subsidiary is set to acquire renewable energy firm Quark Solar Private Limited for ₹9.39 crore in cash. Quark Solar, an Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) provider, reported a turnover of ₹17.13 crores in FY2025-26.

Acquisition Details

360 ONE WAM Limited announced on April 20, 2026, that its subsidiary, 360 ONE Alternates Asset Management Limited, has approved the acquisition of Quark Solar Private Limited. The transaction is for a cash consideration of ₹9.39 crore. Established in 1998, Quark Solar specializes in Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) services for renewable energy projects. The acquisition positions Quark Solar as a key operating entity for 360 ONE WAM's planned Special Purpose Vehicles (SPVs) as part of its broader renewables strategy.

Strategic Importance

This move marks a significant step for 360 ONE WAM into the growing renewable energy infrastructure sector. By acquiring an operational EPC provider, the company aims to build essential capabilities for its planned renewables SPVs. This aligns with the increasing market demand for green energy and infrastructure funding in India.

Company Strategy

360 ONE WAM has been strategically broadening its alternative asset management portfolio, seeking diversification beyond its traditional wealth management services. The company has previously signaled its intent to pursue opportunities in sectors like infrastructure and green energy, anticipating significant growth potential. This acquisition is consistent with that strategic vision, building foundational capabilities in the renewable energy value chain.

Impact of Acquisition

Acquiring this specialized renewable energy entity strengthens 360 ONE WAM's alternative asset offerings. It positions the company to actively participate in developing renewable energy projects through its SPVs and adds crucial operational expertise in EPC and O&M for solar projects. The move also creates potential for revenue diversification and cross-selling opportunities within the group's wealth management clients.

Key Considerations

Completion of the acquisition is contingent upon the satisfactory fulfillment of customary conditions precedent. The deal is expected to close within one month, implying a focused timeline for condition fulfillment.

Industry Context

While 360 ONE WAM focuses on asset management, its peers like Kotak Mahindra AMC and ICICI Prudential AMC are also actively expanding their alternative asset platforms. These peers are exploring diverse investment avenues, including infrastructure and ESG-focused funds, mirroring the strategic direction of 360 ONE WAM. Acquiring a direct operational player like Quark Solar provides 360 ONE WAM with a more hands-on approach in the renewables sector compared to some peers who might focus solely on fund management.

Quark Solar Financials

Quark Solar's turnover stood at ₹17.13 crores as of March 31, 2026, with FY2025-26 turnover reported at ₹17.13 crores. In FY2023-24, Quark Solar reported a turnover of ₹18.93 crores, followed by ₹19.42 crores in FY2024-25.

Looking Ahead

Key next steps for investors include confirmation of satisfactory fulfillment of all conditions precedent for the acquisition and the timeline for the official closing of the Quark Solar deal. Future announcements on how Quark Solar will be integrated into the new SPV structure for renewables, and details on the launch or development of the company's renewables SPVs, will also be important to track.