Exide Industries Limited to acquire 26% in Clean Max Arcadia

The objective of the investment in the SPV is to promote renewable energy on long term basis

Exide Industries Limited has entered into an agreement for acquiring 26% equity stake in "Clean Max Arcadia Private Limited", a Special Purpose Vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions Pvt Ltd. for generation and supply of solar power.

The objective of the investment in the SPV is to promote renewable energy on long term basis by qualifying as a captive consumer for solar capacity of 14.85 MWp for our factory situated in Bawal in the state of Haryana.

The company has agreed to invest an amount Rs. 5.34 crore in the Target company.