Varroc Engineering Limited, along with its wholly-owned subsidiary, Varroc Polymers Limited, has entered into a Power Purchase Agreement (PPA) with AMPIN Energy C&I Thirty-Three Private Limited and AMPIN Energy C&I Thirty-Four Private Limited (SPVs). The acquisition of a 26% stake in these SPVs will enable Varroc to establish renewable power plants in Maharashtra under a captive power scheme.
Key Details of the Acquisition
| Particulars | Details |
|---|---|
| Entities Acquired (SPVs) | 1. AMPIN Energy C&I Thirty-Three Pvt Ltd 2. AMPIN Energy C&I Thirty-Four Pvt Ltd |
| Industry | Generation and transmission of solar energy and other renewable sources |
| Purpose | To establish renewable power plants with a combined capacity of 27 MWp / 17.6 MWac |
| Investment Amount | Up to ₹9.72 crore for a 26% equity stake in the SPVs |
| Consideration Type | Cash |
| Time Period for Completion | On or before January 31, 2025 |
| Percentage of Shareholding | 26% in each SPV |
| SPVs’ Background | These SPVs are subsidiaries of AMPIN Energy Transition Private Limited, a leading renewable energy transition company in India, with a portfolio of ~4 GWp across 21 states. |
| Special Rights | No special rights (such as director appointments or share issuance restrictions) are included in the agreements. |
| Issue Price for Shares | ₹10 per equity share |
| Regulatory Approvals | Not applicable |
The SPVs are formed to develop, build, and manage renewable power assets in Maharashtra, enabling Varroc to source solar power for its manufacturing facilities in the state.
This strategic move aligns with Varroc Engineering’s efforts to leverage renewable energy sources, aiming for sustainability and efficiency in its operations across Maharashtra.
