Mahindra CIE Automotive has subscribed to 7,85,313 equity shares of Sunbarn Renewables, for sourcing green energy on captive basis and optimizing the power cost. Sunbarn is engaged in Solar Power Generation and Supply. The company currently holds 87,500 equity shares of Sunbarn. The shares subscribed will be allotted on or before March 25, 2021.
In order to qualify as a captive consumer, the company must hold at least 26% of the total equity capital of the Power Generating Plants. Accordingly, the investment is essentially to qualify as a captive consumer and thereby optimising the power cost at the plants of Forgings, Chakan and Magnetic Products Division, Bhosari, Pune.
Mahindra CIE Automotive is a multi-technology automotive components supplier.
