KEI Industries Limited has informed the Exchange about Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 Power Purchase Agreement
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KEI Industries has entered into a Share Subscription and Shareholders Agreement along with a Solar Power Purchase Agreement to acquire 26% stake in Solarcraft Power India 24 Private Limited. The investment amounts to Rs. 5.90 Crores (in one or more tranches) for equity and compulsory convertible debentures. Through this acquisition, KEI will source up to 11.25 MW of solar power as a captive consumer from a project located in Rajasthan. The target company is a Special Purpose Vehicle incorporated in June 2023 and has zero turnover to date, as it is still setting up the solar power project. The transaction is not a related party transaction and is expected to complete within 90 days.
This investment supports KEI Industries' commitment to renewable energy by securing captive solar power capacity, potentially reducing energy costs and carbon footprint. The deal size of Rs. 5.90 Crores is relatively small and unlikely to have material impact on near-term financials.