Three SPVs have been formed by Cleantech Solar Energy to set up the plants for Exide Industries’ factories at Tamil Nadu, Haryana and Maharashtra
The country’s largest lead-acid battery manufacturer Exide Industries has entered into an equity shareholding agreement with Singapore-based Cleantech Solar Energy for three captive solar power plants to be set up for its manufacturing units.
According to the deal, Exide Industries has picked up 26-30 per cent equity stake in CSE Solar Sunpark Tamil Nadu Pvt Ltd, Greenyana Solar Private Ltd and CSE Solar Sunpark Maharashtra Private Ltd.
Three special purpose vehicles (SPVs) have been formed by Cleantech Solar Energy to set up the plants for Exide Industries’ factories at Tamil Nadu, Haryana and Maharashtra.
“Exide has agreed to subscribe equity shares comprising at least 26 per cent; but not exceeding 30 per cent of the issued and paid up share capital of each of the three SPV companies,” it said in a BSE notification.
According to the notification, Exide will procure energy for its Hosur factory, Bawal (Haryana) factory and three factories in Maharashtra from the captive solar plants.