Minda Industries said the investment committee of its board has given its go-ahead to second tranche of stake purchase in Strongsun Renewables Pvt Ltd.
The investment committee at its meeting has approved the second tranche of investment in equity shares of Strongsun Renewables, special purpose vehicle (SPV) company, said the company.
With the aforesaid acquisition of shares, Minda Industries Ltd holds 28.10 % stake of total paid-up share capital of the SPV, it added.
The indicative time period for completion of the acquisition is on or before 6 November 2021.
Minda Industries Ltd has already acquired 33,750 equity shares of the said SPV.
Strongsun Renewables Pvt Ltd is engaged in the business of providing solar power solutions comprising of consulting, design, engineering, fabrication, installation, comm1ss1oning and monitoring of distributed rooftop solar power plants primarily for captive consumption of commercial and industrial customers in India.
By this acquisition, the total stake of the company in the said SPV will be 3,41,600 equity shares i.e. 28.10 % of the paid up capital of the said SPV, which enable the company to avail solar power from the SPV for its manufacturing units situated at Maharashtra region added the company.