KEI Industries has announced a strategic investment of ₹5.90 crore in Solarcraft Power India 24 Private Limited. The investment, executed through a Share Subscription and Shareholders’ Agreement (SSSA) and a Solar Power Purchase Agreement (SPPA), aims to acquire a 26% stake in the company.
The investment will be made in one or more tranches, and it includes both Equity Share Capital and Compulsory Convertible Debentures (CCD). This move is part of KEI Industries‘ initiative to source solar power as a captive consumer, with a capacity of up to 11.25 MW, located in Rajasthan.
Solarcraft Power India 24 Private Limited, incorporated on 6 June 2023, operates in the renewable power generation sector. It is a Special Purpose Vehicle (SPV) designed to set up a solar power project on a captive basis in Rajasthan. The company has reported no turnover in the fiscal years 2024, 2025, and 2026.
The acquisition does not fall under related party transactions, and neither the promoter group nor the promoter companies have any interest in the acquisition. The transaction is expected to be completed within 90 days, subject to customary conditions precedents.
KEI Industries’ investment reflects its commitment to enhancing its renewable energy sources, aligning with its sustainability goals.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).