Varun Beverages (VBL) has received approval for investing upto 14% of Equity Share Capital of Huoban Energy 11, a special purpose vehicle inter-alia engaged to supply solar power to consumers in the state of Maharashtra.
VBL intends to obtain solar power (generation and supply) from the company for its facility located in Supa Parner, Sakri, District Dhule, Maharashtra. Solar power is environment friendly and will also reduce the power cost at the said facilities. Accordingly, as per the Electricity Act, VBL being captive user, is required to make investment in the company. Completion of the transaction is expected on or before October 9, 2024. Rs 2.90 crore will be allocated towards subscribing upto 14% equity shares of the company. The Investment and Borrowing Committee of the Board of Directors at its meeting held on April 10, 2024 has considered and approved the same.
Varun Beverages is franchisee of CSDs and NCBs sold under trademarks owned by PepsiCo in India and internationally.
