CIE Automotive India obtains 27% stake in Ijya Renewables to optimise power expenses with solar power
HomeBusiness NewsCompanies NewsCIE Automotive India obtains 27% stake in Ijya Renewables to optimise power expenses with solar powerThis tactical financial investment will enable CIE Automotive to certify as a captive consumer under existing policies, which need a minimum 26% equity stake in a power producing entity to optimise power expenses.By CNBCTV18.com September 3, 2024, 12:05:45 AM IST (Published)CIE Automotive India Ltd revealed today that it has actually participated in an investors' contract to obtain approximately 27% of Ijya Renewables India Project Pvt Ltd's equity on a totally watered down basis. The business will invest Rs 25.54 million in Ijya Renewables to develop captive solar energy plants with an overall capability of 7.5 MWp.
The financial investment will at first rep...