By: ICN Bureau
Last updated : September 20, 2022 11:12 am
Clean Max Kratos would develop and maintain a hybrid 28.05 MW of solar and 33.00 MW of wind power project under the captive model
UPL Limited has acquired 26% shareholding in Clean Max Kratos Pvt. Ltd. a solar and wind power generation company, as per the definitive agreement.
Clean Max Kratos Pvt. Ltd, incorporated in India on 28th July 2021 has a paid-up capital of Rs. 1 lakh and is yet to commence its operations.
Clean Max Kratos would develop and maintain a hybrid 28.05 MW of solar and 33.00 MW of wind power project under the captive model as envisaged under the Electricity Laws. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption from the current level of 8%.
UPL will initially acquire 2,600 shares of Rs.10 each (26% stake of paid-up share capital) in Clean Max Kratos for a consideration of Rs. 26,000.
UPL will further invest, in one or more tranches, about Rs. 39.60 crore in Clean Max Kratos maintaining its shareholding to 26% of the paid-up share capital. Clean Max Kratos becomes an ‘associate’ only after proposed acquisition of stake.