Samvardhana Motherson International Acquires Onega Solar Power for INR 13.19 Million

Samvardhana Motherson International Ltd (SAMIL) has announced the acquisition of Onega Solar Power Limited (Onega) through its wholly owned subsidiary Motherson New Energy Limited. The acquisition supports SAMIL's sustainability goals and enables long term cost efficiencies and a lower carbon footprint across domestic operations. Post acquisition, Onega will develop, own and operate a 15 MWp Group Captive Solar Project in the state of Uttar Pradesh to meet the long-term renewable energy needs of Motherson group. The captive consumers will invest and collectively hold 30% of the equity share capital of Onega on fully diluted basis and will enter into long term Power Transfer Agreement(s) with Onega for transfer of solar power under the group captive model in accordance with Electricity Laws.