The projects will be set up with the Company as captive user and Cleantech as the power producer, the company said in the BSE filing.
Exide Industries to invest up to 30% equity stake in Cleantech aggregating to Rs20.05cr for setting up captive solar power projects for various manufacturing facilities. The company made announcement after market hours.
“The company has agreed to invest upto 30% of total equity share capital in each of the three special purpose vehicle(s) viz., “CSE Solar Sunpark Haryana Private Limited”, “CSE Solar Sunpark Maharashtra Private Limited” and “Greenyana Solar Private Limited” (hereinafter collectively called as Cleantech) aggregating upto Rs20cr for setting up captive solar power projects for various manufacturing facilities of the Company,” as per BSE filing.
The projects will be set up with the Company as captive user and Cleantech as the power producer, the company said in the BSE filing.
This arrangement is expected to reduce the overall cost of production.
On Monday’s trade, shares of Exide Industries Ltd ended at Rs263 up by Rs4.5 or 1.74% from its previous closing of Rs258.50 on the BSE.
The scrip opened at Rs260 and touched a high and low of Rs266.85 and Rs259.85 respectively.
Source: indiainfoline
