CIE Automotive India Invests Rs. 36.03 Million in ReNew Green to Optimize Power Cost

CIE Automotive India Ltd. has entered into a Share Subscription and Shareholders’ Agreement with ReNew Green (MHK Two) Private Limited to subscribe up to 31.20% of its equity share capital. This investment will enable the company to source green energy from a captive solar power generating plant set up by ReNew Green, optimizing power cost at its factories in Maharashtra. The investment is expected to be completed within the next one month. ReNew Green is engaged in the business of developing and operating renewable energy projects and will set up a captive generating plant of the gross capacity of around 7.8 MW AC (10.92 MWp). This investment will qualify CIE Automotive India as a captive consumer, thereby optimizing its power cost.