CEAT Limited, an Indian multinational tyre manufacturing company announced it has completed the acquisition of 26 % stake in Cleanwin Energy, for which it had signed a pact with Yellowstone Clean Energy LLP last month.
Cleanwin Energy owns, operates and maintains a captive wind power generating plant in Maharashtra.
Cleanwin is promoted as a special purpose vehicle for undertaking the business of generation of renewable energy from conventional and non-conventional sources of energy and to supply such electricity on a captive basis to the company.
CEAT said that in line with the statutory requirements, to avail such power/electricity for captive usage, the company is required to become a partner of Cleanwin with 26% share.
“We are happy to announce the completion of the acquisition of 26 % stake with Cleanwin Energy,” Kumar Subbiah, CFO, CEAT tyres, said in a release.
CEAT is currently using 25 % of its energy requirement from renewable sources, the company said adding that the plans are to move to 50 % renewable power in three years.
Cleanwin will provide 5 MW wind power to CEAT plants in Bhandup and Nashik.