Everest Industries, a building solutions company in India, has invested INR 1.76 crore in Amplus Ampere (Amplus), a special-purpose vehicle (SPV) created by Amplus Energy Solutions to set up a solar power plant for Everest Industries’ captive consumption.
Under the group captive policy, the company will procure 5.5 MWp of solar power from the Amplus solar plant.
With this investment, Everest Industries has acquired a 3.12% equity stake in Amplus Ampere, purchasing 17,60,000 equity shares at INR 10 per share.
Amplus is engaged in the business of setting up, generating, and distributing solar power across India. “The purpose of acquiring shares in Amplus is to avail captive open access for solar energy and thereby increase the company’s utilisation of renewable energy in the state of Maharashtra,” Everest Industries stated.
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