The country’s largest lead-acid battery manufacturer Exide Industries has entered into an equity shareholding agreement with Singapore-based Cleantech Solar Energy for three captive solar power plants to be set up for its manufacturing units.
According to the deal, Exide Industries has picked up 26-30 per cent equity stake in CSE Solar Sunpark Tamil Nadu Pvt Ltd, Greenyana Solar Private Ltd and CSE Solar Sunpark Maharashtra Private Ltd.
Three special purpose vehicles (SPVs) have been formed by Cleantech Solar Energy to set up the plants for Exide Industries’ factories at Tamil Nadu, Haryana and Maharashtra.
