Acquisitions30 Oct 2024, 10:41 pm
CIE Automotive India Acquires 31.20% Stake in Renewable Energy Firm ReNew Green
AI Summary
CIE Automotive India Ltd has acquired a 31.20% stake in ReNew Green (MHK Two) Private Limited, a company engaged in the business of developing and operating renewable energy projects. The investment, amounting to Rs. 36.03 million, is aimed at setting up a captive generating plant of 7.8 MW AC (10.92 MWp) capacity to optimize power cost at factories in Maharashtra. ReNew Green will supply captive solar power from this plant, qualifying CIE Automotive India as a captive consumer.
Key Highlights
- CIE Automotive India acquires 31.20% stake in ReNew Green for Rs. 36.03 million
- ReNew Green is a renewable energy firm involved in developing and operating renewable energy projects
- The investment will set up a captive generating plant of 7.8 MW AC (10.92 MWp) capacity
- The acquisition will optimize power cost at CIE Automotive India's factories in Maharashtra
- ReNew Green will supply captive solar power from the generated plant