To invest in solar power in India
The Aditya Birla Group announced a partnership with The Abraaj Group (Abraaj), a leading investor operating in global growth markets, to build a large scale renewable energy platform focused on developing utility-scale solar power plants in India.The Aditya Birla Group will invest in the platform through Aditya Birla Nuvo (ABNL) and Abraaj will invest through one of its affiliates.
ABNL has entered into a definitive Share Subscription and Shareholders Agreement (SSA) with an affiliate of Abraaj. In accordance with the SSA, subject to the customary closing conditions and subject to the requisite approvals, ABNL and the Abraaj affiliate will hold 51% and 49% of the paid up share capital respectively, in Aditya Birla Renewables, currently a wholly owned subsidiary of ABNL.
Aditya Birla Renewables, the solar power platform, will bid for projects tendered at national and state auctions, with the intent to develop and operate utility-scale solar power plants that can provide clean and cost-effective electricity to the national grids across several key states in India.
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