Target Entity: Solaris Horizon Energy Private Limited (a subsidiary of Waaree Forever Energies Private Limited)
Type of Deal: Minority acquisition (26% equity stake) through Share Subscription and Shareholders Agreement, coupled with an Energy Supply Agreement for captive power consumption.
Stake/Capacity: 26% equity stake acquisition. The target SPV will supply 91 MWp DC / 65 MW AC solar power to UltraTech's plants in Chhattisgarh from a solar project located at Village Puran, Tehsil & District Mungeli, Chhattisgarh.
Deal Value: Equity investment of up to ₹27,75,50,000 (Rupees Twenty Seven Crore Seventy Five Lakhs Fifty Thousand Only).
Funding Source: Cash consideration (internal accruals or other sources not specified).
Financial Impact: The acquisition is intended to optimize energy costs and meet regulatory requirements for captive power consumption under electricity laws. The target company has nil turnover for the last three years as it is a newly incorporated special purpose vehicle.
Timeline: Expected completion within 180 days from the execution of Energy Supply Agreement and Share Subscription and Shareholders Agreement.
Strategic Rationale: The acquisition serves to meet the company's green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption under electricity laws. The solar power will be supplied on a captive basis to UltraTech's plants in Chhattisgarh.
Approval Status: The transaction is not a related party transaction, and no governmental or regulatory approvals are required as per the disclosure.
Reference Regulation: SEBI Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
