JK Tyre & Industries Invests Rs. 1.32 Crore in Solar Power Company for Group Captive Status

JK Tyre & Industries Ltd. has approved an investment of Rs. 1.32 Crore in 26% equity shares of Truere Galaxy Private Limited, a newly set-up company in the solar power industry. This investment is aimed at maintaining group captive power status and is not a related party transaction. The acquisition does not require any governmental or regulatory approvals and is expected to be completed within 45 days. The company is acquiring 13.20 Lakh equity shares at a face price of Rs. 10/- per equity share, which will give them 26% control of the company.