Excel Industries has entered into Share Subscription cum Shareholders Agreement with First Energy and First Energy 7 on September 15, 2023. As per the agreement, the company will acquire not less than 26% of equity share capital of First Energy 7, the Special Purpose Vehicle (SPV) formed for constructing Captive Solar Power Plant.
The object of the acquisition is captive consumption of power generated by Captive Power plant of First Energy 7 in line with and as per the requirements of electricity laws. The impact of the acquisition would be optimization of energy consumption cost for the company.
Excel Industries, one of India’s first domestic chemical manufacturers. It is pioneers in indigenous chemical technology and sustainable waste management. Innovation has always been a key driving force at Excel.