NRB Industrial Bearings Acquires Stake in Green Energy Firm for Captive Power and Cost Optimization
NRB Industrial Bearings Limited has initiated an investment into Lok Green Energy India Private Limited, acquiring a 9.08% equity stake in the renewable energy sector entity. The acquisition is designed to satisfy the company's growing green energy requirements, streamline operational costs, and ensure compliance with regulatory mandates for captive power consumption under electricity laws.The proposed transaction involves an investment of up to Rs. 42,00,000 (Rupees Forty-Two Lakh Only) and will be completed through cash consideration.
Lok Green Energy India Private Limited is a Special Purpose Vehicle (SPV) established for the development of a 3.7 MW Solar project in Nashik, with a potential capacity of up to 10 MW. The company was incorporated on September 27, 2022.
Key details regarding the acquisition and the target entity are summarized below:
| Particular | Detail |
|---|---|
| Target Entity Name | Lok Green Energy India Private Limited |
| Industry | Renewable Energy |
| Shareholding Acquired | 9.08% |
| Transaction Type | Cash consideration |
| Cost of Acquisition | Up to Rs. 42,00,000 |
| Timeline for Completion | Within 90 days from the execution of Power Purchase Agreement and Share Subscription and Shareholders Agreement |
The acquisition was confirmed not to constitute a related party transaction, with neither the promoter nor the promoter group holding any interest in the acquired entity.
Lok Green Energy India Private Limited has zero turnover for the financial years FY 2022-23, FY 2023-24, and FY 2024-25, as it is an SPV established for a captive solar project that was under development during those periods. The company operates out of Pune, Maharashtra, India.
NIBL Stock Price Movement
Today, shares of NRB Industrial Bearings Limited gained 0.65%, settling at ₹36.40 after closing in positive territory. The stock traded a volume of 41,332, with the security finding support during today's trading range, which stretched between ₹34.50 and ₹36.89.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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