The Investment and Borrowing Committee of the Board of Directors at their meeting held today inter-alia approved to acquire additional share capital of Jager Renewables Two Private Limited as per details attached.

Varun Beverages Limited (VBL) will acquire an additional 23% equity stake in Jager Renewables Two Private Limited for Rs. 7.05 Crore in cash, taking its total holding from 26% to 49%. Jager is a special purpose vehicle set up to generate and supply solar power in Rajasthan under the group captive model. VBL is investing to secure solar power for captive consumption at its bottling facilities in Kota, Alwar, Jaipur, Jodhpur and Bhiwadi, which the company says will reduce power costs and is environment friendly. Separately, the Investment and Borrowing Committee approved a corporate guarantee of ZAR 1,240 Million (valid until July 31, 2026) in favour of FirstRand Bank on behalf of its South African subsidiary The Beverage Company Proprietary Limited (Bevco) to secure a credit facility. The filing notes Jager is yet to begin operations and the guarantee has no material impact on VBL.