Nestle India has entered into a share subscription and shareholders’ agreement for the acquisition of a 26% equity stake, on a fully diluted basis, in Radiance KA Sunshine Seven (Radiance KA) for establishing captive renewable energy power plant to cater to the power requirements of one of its manufacturing facilities. This initiative is aligned with the company's commitment to increasing the share of renewable energy in its operations and supports its sustainability objectives. Further, the acquisition enables the company to meet the requirements of a ‘captive user’ under the applicable provisions of Indian electricity laws and regulations.
The acquisition is to be completed within 30 days from execution of agreement, or by such other date as maybe mutually agreed between the parties.
Nestle India is primarily involved in food business which incorporates product groups viz. Milk Products and Nutrition, Prepared Dishes and Cooking Aids, Powdered and Liquid Beverages and Confectionery. NESTLE India is a subsidiary of NESTLE S.A. of Switzerland.
