CEAT Completes 26 % Acquisition in Cleanwin Energy

0
212

Reading Time: <1 minutes

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.

ALSO READ  GE Renewable Energy to Supply Another Set of 81 Turbines to Continuum Green Energy for 218 MW Wind Power Projects in India

Cleanwin will provide 5 MW wind power to CEAT plants in Bhandup and Nashik.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.