Solar glass manufacturer Borosil Renewables announced today it has completed acquisition of 49% stake in Clean Max Prithvi, a special-purpose vehicle set up by Clean Max Enviro Energy Solutions for generation and supply of renewable power exclusively to Borosil Renewables.
Clean Max Prithvi would develop and maintain a hybrid solar-wind power plant of 16.50 MW in the state of Gujarat, from which the power generated will be supplied exclusively to Borosil Renewables as per the Rules of Captive power consumption.
Subsequent to the aforesaid acquisition, the shareholders’ agreement has been entered into amongst Borosil Renewables, Clean Max Prithvi, and Clean Max Enviro Energy Solutions, under which Borosil Renewables has agreed to invest about INR 17.83 crore in Clean Max Prithvi, in one or more tranches.
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