Business Update19 Sept 2024, 10:24 pm
Kirloskar Brothers Ltd. to Acquire 26% Stake in Sunsure Solarpark Nineteen Private Limited for up to Rs. 50 Million
AI Summary
Kirloskar Brothers Ltd. (KBL) along with its wholly owned subsidiary, The Kolhapur Steel Limited, have entered into a Share Subscription and Shareholders Agreement (SSHA) for acquisition of 26% of equity share capital of Sunsure Solarpark Nineteen Private Limited (‘Sunsure Solarpark’) for up to Rs. 50 Million. This investment is intended for the purpose of solar power captive consumption, as per the provisions of the Electricity Act, 2003. The completion of acquisition is tentatively expected within 6 months from execution of SSHA.
Key Highlights
- KBL and The Kolhapur Steel Limited to acquire 26% stake in Sunsure Solarpark Nineteen Private Limited.
- Investment is intended for solar power captive consumption under Open Access/Group Captive Scheme.
- Transaction does not fall under Related Party Transaction.
- Target entity develops renewable energy generation projects.
- Completion of acquisition expected within 6 months from execution of SSHA.