This is to inform you that the Company has agreed to acquire upto 30% equity stake for approximately Rs. 10 Crores in a special purpose vehicle (SPV) to be incorporated together with CSE Development (India) Pvt. Ltd. (Cleantech) for setting up captive solar power projects aggregating to 22 MW at various manufacturing facilities of the Company. The projects will be set up with the Company as captive user and Cleantech as the developer.
This arrangement is expected to reduce the cost of production.
Cleantech develops, finances, constructs, owns and operates high quality solar PV projects. Cleantech is Indias leading on site solar developer by market share.
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