Subsidiary Update Agreement to acquire stake on fully diluted basis in AMPIN Energy C&I Thirty One Private Limited by CIE Aluminium Casting India Limited (CIEALCAST) (a wholly owned subsidiary Company)
CIEINDIA · price
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CIE Automotive India's wholly owned subsidiary CIE Aluminium Casting India Limited (CIEALCAST) has signed an agreement to invest up to Rs. 1.75 crore for up to 29% stake (on fully diluted basis) in AMPIN Energy C&I Thirty One Private Limited, a renewable energy SPV. This will entitle CIEALCAST to 40% of voting equity in the target. The investment is aimed at setting up a 5 MWp (3.3 MWac) captive solar power plant at Ch. Sambhaji Nagar, Maharashtra, helping CIEALCAST qualify as a captive consumer and reduce power costs at its factory. The target is a recently incorporated entity (Nov 2023) that has not yet commenced commercial operations, and will become an associate company of CIE Automotive India post-investment. The deal is expected to close within four months, with no related party issues or regulatory approvals needed.
This is a small (Rs. 1.75 crore) but strategic move to lower power costs and increase green energy usage at CIEALCAST's manufacturing facility. Minimal direct financial impact on the listed company, but supports long-term cost efficiency and ESG goals.