Varun Beverages has received an approval to invest Rs 1.92 crore for 9.80% (5.25% on fully diluted basis) (in one or more tranches) of Equity Share Capital of Isharays Energy Two, a special purpose vehicle (SPV) inter-alia engaged to supply solar power to consumers in the state of Uttar Pradesh.
On completion of the proposed investment, the Company shall hold 9.80% (5.25% on fully diluted basis) of equity share capital of the SPV. The completion of the transaction is expected on or before November 15, 2023. The Investment and Borrowing Committee of the Board of Directors of the company at its meeting held on October 16, 2023, considered and approved the same.
Varun Beverages is franchisee of CSDs and NCBs sold under trademarks owned by PepsiCo in India and internationally.
