Craftsman Automation Invests ₹3.36 Cr in Solarcraft Power

Craftsman Automation Ltd has entered into a Shareholders’ Agreement, Securities Subscription Agreement, and a Power Purchase Agreement with Solarcraft Power India 24 Private Limited. The company will invest ₹3.36 crore in one or more tranches towards subscription of Equity Shares and Compulsorily Convertible Debentures of Solarcraft. This investment is for procuring solar power under the captive consumption provisions of the Electricity Act, 2003, to meet the company's manufacturing operations' renewable energy needs. Craftsman Automation will procure 7.0 MWAC solar power from Solarcraft's project in Rajasthan. The transaction is expected to be completed within 270 days and does not result in acquisition of control over Solarcraft.