DLF’s subsidiary -- DLF Cyber City Developers through one of its wholly-owned subsidiaries (DLF Info City Chennai) has agreed to acquire around 26.43% shares of Suncloud Solar, by way of cash consideration of Rs 8.41 crore.
The Target Entity is a special purpose vehicle of Cleantech Solar India OA 2 and has been incorporated to undertake the construction, operation and maintenance of the captive generating plant and to supply, on captive basis, power generated from the captive generating plant to the Acquirer under the Power Purchase Agreement (PPA). To qualify as Captive User in terms of the Electricity Act, 2003 and the allied rules, DLF Info City Chennai is required to subscribe to Equity Shares comprising at least 26% of the issued and paid-up equity share capital of the Target Entity.
DLF is one of India's biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
