Craftsman Automation invests Rs 3.36 cr in Solarcraft for solar power
CRAFTSMAN · price
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Craftsman Automation will invest Rs 3.36 crore in Solarcraft Power India 24 Private Limited by subscribing to equity shares and compulsorily convertible debentures, taking a 26 percent stake alongside other captive users. The deal is for procuring 7 MWAC solar power for the company's manufacturing operations under captive consumption rules of the Electricity Act, 2003. No control is acquired and it is not a related party transaction. Solarcraft, incorporated in June 2023, is developing a solar power project in Rajasthan and has had nil turnover so far. Deal expected to close within 270 days.
Small strategic investment to secure captive solar power for manufacturing, supporting renewable energy goals with minimal financial impact.