DIC India has entered into an agreement to acquire 5.1% issued and paid-up equity share capital of Solarstream Renewable Services, in company capacity as the captive consumer.
The Solarstream Renewable Services is engaged in the business of solar power generated and is developing a Solar Power Plant in the State of Uttar Pradesh. In order to meet the electricity requirement for the Company's manufacturing plants located at Noida, Uttar Pradesh in terms of the (Indian) Electricity Act, 2013, the company will be procuring power as captive consumer from the Solar Power Plant. Cost of acquisition is Rs 49.60 lakh. Consequent to the acquisition, the company shall hold 10.1% equity in the target company.
DIC India is a part of the World's largest manufacturer of printing Inks and allied material, DIC Corporation of Japan.
