Exide Energy Solutions to acquire 26% stake in solar power firm, shares dip 1.5%
Exide Energy Solutions Limited (EESL), a wholly owned subsidiary of Exide Industries Limited, has signed agreements to acquire a 26 per cent stake in Clean Max Beta Private Limited for ₹5.95 crore. The deal, announced today, aims to secure solar power supply for EESL’s operations in Karnataka.
The shares of Exide Energy Solutions Limited (EESL) were trading at ₹522.30 down by ₹8.05 or 1.52 per cent on the NSE today at 3.15 pm.
EESL entered into an Energy Supply Agreement with Clean Max Beta on October 14, 2024, under which the latter will develop and supply 17 MWp of solar power to EESL in Karnataka, adhering to the state’s Captive User Policy.
Simultaneously, EESL signed a Share Purchase Agreement with Clean Max Beta and its promoter shareholder, Clean Max Enviro Energy Solutions Private Ltd.
This move is part of EESL’s strategy to increase its renewable power consumption. The company stated that the transaction falls below the materiality threshold and is not considered a related party transaction.
The agreements mark a significant step in Exide’s efforts to integrate sustainable energy solutions into its operations, potentially reducing its carbon footprint and energy costs in the long term.