To foray into solar power business
Aditya Birla Nuvo announced that the Company has, on 06 October 2015, entered into a definitive Share Subscription and Shareholders Agreement (SSA) with AEIF Mauritius SPV 1, an Abraaj Group Company, to build a renewable energy platform focused on developing utility-scale solar power plants in India.The Abraaj Group is a leading private equity investor, managing approx. USD 9 billion of funds and operating in the growth markets of Africa, Asia, Latin America, the Middle East, and Turkey.
As per the SSA, subject to the customary closing conditions and subject to the requisite approvals, ABNL and AEIF Mauritius SPV 1 will hold 51% and 49% of the paid up share capital respectively, in Aditya Birla Renewables, currently a wholly owned subsidiary of ABNL.
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