Legal21 Mar 2025, 01:46 am
CIE Automotive India Ltd Cancels Share Subscription in Ijya Renewables Due to Project Termination
AI Summary
CIE Automotive India Ltd has discontinued its Project with Ijya Renewables due to difficulties in completing the development of the Solar Energy Facility. The Share Subscription and Shareholders Agreement has been terminated, cancelling the proposed acquisition of shares of Ijya Renewables. No liability arises from this cancellation. CIE Automotive India Ltd is optimizing its power cost and increasing green energy consumption at various power intensive plants. Earlier, the company had agreed to subscribe up to 27% of the equity of Ijya Renewables and invest Rs. 25.54 million to source green energy from its captive solar power generating plant.
Key Highlights
- CIE Automotive India Ltd cancels share subscription in Ijya Renewables due to project termination.
- The Share Subscription and Shareholders Agreement has been terminated, cancelling the proposed acquisition of shares of Ijya Renewables.
- No liability arises from this cancellation.
- CIE Automotive India Ltd is optimizing its power cost and increasing green energy consumption at various power intensive plants.
- Earlier, the company had agreed to subscribe up to 27% of the equity of Ijya Renewables and invest Rs. 25.54 million to source green energy from its captive solar power generating plant.