Kajaria Ceramics Ltd. has announced to invest Rs. 264 Lakhs in an Special Purpose Vehicle (SPV) for solar power captive consumption.
The Board of Directors of the company have accorded its in-principle approval for making investment upto Rs. 264 Lacs in the equity shares of SPV to be formed by CleanMax Enviro Energy Solutions Private Limited for solar power captive consumption under the group captive model envisaged under the Electricity Act, 2003.
CleanMax Enviro Energy Solutions Private Ltd. is a renewables & environment company based out of Mumbai, Maharashtra and claims to cross 200+ MWp in Rooftop solar plants, it has also received ISO 45001 Certification and commissioned the first Wind Farm at Hoshahalli, Karnatak.
The proposed investment in the SPV is to be made as a part of the proposed transaction for generation and supply of power to the Company’s Sikanderabad (U.P.) plant and the Company, being captive user, will. have to it’}vest in equity shares of the SPV upto Rs. 264 Lacs. No entity shall be acquired_ through· the proposed
transaction. The SPV will be engaged in the business of renewable energy.
The Objective of this investment is to reduce the power cost of Sikanderabad (U.P.) plant, by way of shifting towards the solar power energy which is cost effective and environment friendly.