Investment29 Jan 2025, 02:14 am
Aarti Industries Acquires 26.25% Stake in Pro-Zeal Green Power Seven for Solar Power Supply
AI Summary
Aarti Industries Ltd. has entered into a Share Subscription and Shareholder's Agreement with Prozeal Green Power Private Limited and Pro-Zeal Green Power Seven Private Limited. This transaction entails the acquisition of 26.25% Equity Shares / Voting Rights and Compulsory Convertible Debentures by Aarti Industries in Pro-Zeal Green Power Seven, a Special Purpose Vehicle (SPV) formed for developing, constructing, operating, and maintaining a 9.24 MW solar power plant. This acquisition aligns with the company's commitment to procuring power through renewable resources and is expected to reduce its power costs when the SPV starts generating power from H2 / FY26.
Key Highlights
- Aarti Industries to acquire 26.25% stake in Pro-Zeal Green Power Seven
- Transaction involves acquisition of equity shares and compulsory convertible debentures
- SPV to generate 9.24 MW solar power for Aarti Industries
- Acquisition aligns with Aarti Industries' commitment to renewable energy
- Expected to reduce Aarti Industries' power costs from H2 / FY26