New Delhi: Siemens Ltd announced on Friday that it had signed an agreement for the subscription of 26% of the paid-up share capital of Sunsole Renewables for Rs 1.6 crore. In a regulatory filing, the company said that in its continued efforts to reduce the carbon footprint and impact on climate change, the company has decided to source solar power for its manufacturing plant in Kalwa, in Maharashtra.

The company signed a power purchase agreement and on Friday concluded a stock and shareholder subscription agreement for the subscription of 26% of the paid-up share capital of Sunsole Renewables Private Limited, subject to the completion of the conditions precedent agreed between the parties. , says the record.

Depending on the file, the acquisition cost or the price at which the shares are acquired is Rs 16 million (Rs 1.6 crore in one or more installments).

In accordance with legal requirements, in order to have such power / electricity for captive use, Siemens Limited is required to subscribe for at least 26% of the paid-up share capital of Sunsole, he said.

After the acquisition, Sunsole will be a partner of Siemens Limited.

Sunsole was incorporated as a special purpose vehicle by Cleantech India OA Pte Ltd to undertake the construction, operation and maintenance of a solar power plant and to supply, on a captive basis, the electricity produced from said solar power plant. solar power plant.

Sunsole does not currently have any corresponding activity or revenue. It was incorporated on February 4, 2020 and has had no income since its incorporation. As a result, disclosure of turnover for the past three years is not applicable, he said.

The released share capital of Sunsole is Rs 1 lakh.


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