Exide Industries to acquire stake in Ulric Renewables for purpose of captive power consumption
Capital MarketExide Industries has entered into 'Share Subscription and Shareholders' Agreement' (SSSA) and 'Power Purchase Agreements' dated 28 February 2023 with Ulric Renewables, a Special Purpose Vehicle promoted and incorporated by Cleantech Solar India OA 2 (CLEANTECH) for setting up captive wind power projects aggregating to 18.9 MW for various manufacturing facilities of the Company.
In terms of the SSSA, the Company has agreed to invest in the equity shares comprising atleast 26% of issued and paid-up capital of Ulric Renewables.
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