Nitin Spinners Buys 18% Stake In CGE II For Renewable Power Supply
Nitin Spinners Ltd., has announced the acquisition of an 18.12% equity stake in CGE II Hybrid Energy Private Limited to secure a dedicated renewable power supply for its manufacturing units in Rajasthan.
The investment committee of the board has approved the execution of a Power Supply Agreement and Share Purchase Agreement with CGE II Hybrid Energy, a subsidiary of Continuum Green Energy Ltd. The acquisition, valued at Rs 17.14 crore will ensure the supply of 18 MW of renewable energy under the Wind-Solar Hybrid Project, qualifying Nitin Spinners as a captive consumer under applicable electricity regulations.
CGE II Hybrid Energy, incorporated in December 2021, is a special purpose vehicle established to generate, distribute, and supply renewable power in Rajasthan. The acquisition does not fall under related party transactions, and the promoters of Nitin Spinners have no direct interest in the deal.
The transaction is expected to be completed by August 31, 2025, with payment made via online banking.
