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CIE Automotive India’s arm acquires 27.89% stake in Ojaha Renewables
Apr-26-2024

CIE Automotive India’s wholly-owned subsidiary -- CIE Hosur (CHL) has acquired 202500 equity shares of Rs 10 each which constitutes 27.89% of the Paid up Equity Share Capital of Ojaha Renewables (ORPL). With this, ORPL has become an associate of CHL. 

Ojaha Renewables will be setting up captive generating plants of the Capacity of 4.5 MWp and supply solar power from this plant to CHL’s factory in Tamil Nadu. In order to qualify as a captive consumer, the Company must hold atleast 26% of the total equity capital of the power generating plant. Accordingly, the investment is essentially to qualify as a captive consumer and thereby optimising the power cost at CHL’s plant in Tamil Nadu.

CIE Automotive India is engaged in the business of production and sale of automotive components to original equipment manufacturers and other customers (including leading suppliers of components) in India and overseas.

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