CIE Automotive India Limited has acquired a 26.09% equity stake in Suryadeep GJ3 Project Private Limited for INR 48 lakh to secure captive solar power for its manufacturing operations in Gujarat.
The investment was made through the subscription of 480,000 equity shares with a face value of INR 10 each. Following the transaction, completed on May 15, 2026, Suryadeep GJ3 has become an associate company of CIE Automotive India.
Suryadeep GJ3 Project, a special purpose vehicle established by InSolare Energy Limited in November 2024, is developing a captive solar power plant with an estimated capacity of around 1.6 MWp. The project is expected to supply renewable electricity to CIE Automotive India’s manufacturing facilities located in Rajkot, Gujarat.
The acquisition enables the company to qualify as a captive power consumer under Indian electricity regulations, which require industrial consumers to maintain at least a 26% ownership stake in a generating asset to avail captive power benefits. The initiative is expected to help optimize energy costs while advancing the company’s sustainability and renewable energy adoption goals.
The development reflects a broader trend among Indian industrial and manufacturing companies increasingly investing in captive renewable energy projects to reduce dependence on conventional grid electricity, improve long-term energy cost visibility, and lower carbon emissions.
Over the past year, CIE Automotive India and its subsidiaries have continued to expand investments in renewable energy ventures to support clean power procurement across multiple manufacturing locations in India.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
