Chalet Hotels Acquires 26% Stake in Pro-zeal Green Power Fourteen Private Limited for Rs.26,000

Chalet Hotels Ltd has entered into Agreements for the acquisition of 26% of the Equity Shares of Pro-zeal Green Power Fourteen Private Limited. The acquisition is in connection with setting up of a Solar Power Plant in Maharashtra. The total consideration for the acquisition is Rs.26,000. Pro-zeal Green Power Fourteen Private Limited is an SPV incorporated for setting up of Solar Power Plant and the acquisition does not fall within related party transactions. The Promoter / Promoter Group / Group companies do not have any interest in the entity being acquired. The purpose of the arrangement is to participate through a captive arrangement for availing of solar power. The SPV will undertake, implement, operate, manage and maintain the solar power plant. Various regulatory / governmental approvals are required towards commissioning of the Project. The acquisition is expected to be completed within 8 months of signing of the Share Subscription & Shareholders’ Agreement and Power Purchase Agreement.