ACME Solar Incorporates Wholly-Owned Subsidiary in UAE

ACME Solar Holdings Ltd announced the approval by its Operational Committee to incorporate a wholly-owned subsidiary in the United Arab Emirates. The new entity, tentatively named ACME Renewables FZCO, will focus on renewable energy systems, components, and storage product supply chain management. It aims to support ACME Solar's renewable energy business through procurement, supply chain management, project support, and hedging of raw materials like lithium carbonate and polysilicon. The subsidiary will be established with an initial capital equivalent to AED 10,000 (approximately INR 220,000) and ACME Solar will hold 100% shareholding.