Nitin Spinners Ltd Approves Acquisition of CGE II Hybrid Energy Private Limited for 18.12% Equity Shares

Nitin Spinners Ltd, a subsidiary of Continuum Green Energy Limited, has approved the execution of Power Supply Agreement & Share Purchase Agreement with CGE II Hybrid Energy Private Limited. The acquisition, which is not a related party transaction, will enhance the source of renewable power supply by 18 MW for its plants located in Hamirgarh, Bhilwara & Bhanwaria Kalan, Begun, in Rajasthan. The cost of acquisition is Rs. 1,71,36,363 for 18.12% equity shares. CGE II Hybrid Energy Private Limited is a newly formed SPV to carry the business of Power Generation, distribution, transmission and supply of renewable power in the state of Rajasthan. The acquisition is subject to customary conditions and is expected to be completed in 25-70 days.