Varun Beverages Limited (“Company”) has invested Rs 2.12 crores to acquire 26.34% of Equity Share Capital of Huoban Energy 7 Private Limited, a special purpose vehicle has been set up to supply solar power to consumers in the State of Maharashtra.
Huoban Energy 7 Private Limited (“SPV”) is a special purpose vehicle incorporated in December 2021 by Huoban Private Limited (“Promoter”) under the captive model envisaged under the Electricity Act, 2003 to supply solar power to consumers in the State of Maharashtra. SPV is yet to commence its business operations.
Company intends to obtain solar power (generation and supply) from SPV for its existing facilities located in Paithan and Mahul and new facility (under construction) at Ahmednagar (Maharashtra). Accordingly, as per the Electricity Act, 2003, the Company, being captive user, is required to make investment in the SPV.
As part of the proposed transaction, the Company, being the captive user, has invested Rs. 2,12,39,990 in the equity shares of the SPV.
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