Indag Rubber has agreed to acquire more than 51% shares or voting rights in five companies – Samyama Jyothi Solar Energy, Poorvaj Solar Energy, SUN Solar KFP Bellari, BG SUN Solar Hiriyur and Arete Elena Energy.
The total investment in above named 5 companies would not exceed more than Rs 30 crore in aggregate. The aforesaid 5 companies are Special Purpose Vehicle (SPV) which are yet to commence its business.
Indag Rubber is a tread manufacturing company. The company is engaged in the manufacturing of the Precured Tread Rubber, Bonding Repair and Extrusion Gum, and Rubber Cement, which are used for retreading of tires.