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Siemens to acquire 26% stake in Sunsole Renewables

Capital Market 

For purpose of procuring solar power for its Kalwa unit

Siemens has executed a Power Purchase Agreement and has today entered into a Share Subscription and Shareholders Agreement for the subscription of 26% of the paid up equity share capital of Sunsole Renewables, Mumbai, India, subject to fulfilment of conditions precedent as agreed between the parties.

As a part of its continuing efforts to reduce its carbon footprint and the impact on climate change, the company has decided to procure solar power for its manufacturing facility located at Kalwa, Maharashtra. Post acquisition, Sunsole will be an associate of Siemens.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, October 22 2021. 14:17 IST