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Exide Industries’ enters shareholding pact with Cleantech Solar Energy

Tuesday, 23 Apr 2019
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Exide Industries has entered into an equity shareholding agreement with Singapore-based Cleantech Solar Energy for three captive solar power plants to be set up for its manufacturing units.

Exide Industries has picked up 26-30 percent equity stake in CSE Solar Sunpark Tamil Nadu, Greenyana Solar and CSE Solar Sunpark Maharashtra. Three special purpose vehicles (SPVs) have been formed by Cleantech Solar Energy to set up the plants for Exide Industries’ factories at Tamil Nadu, Haryana and Maharashtra.

Exide Industries has agreed to subscribe equity shares comprising at least 26 percent; but not exceeding 30 percent of the issued and paid up share capital of each of the three SPV companies.

Exide Industries will procure energy for its Hosur factory, Bawal (Haryana) factory and three factories in Maharashtra from the captive solar plants.

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