Siemens inks pact to acquire 26% equity in Sunsole Renewables

Siemens Ltd on Friday said it has inked an agreement for subscription of 26 per cent paid up equity share capital of Sunsole Renewables for Rs 1.6 crore.

In a regulatory filing the company said that in its continuing efforts to reduce carbon footprint and the impact on climate change, the company has decided to procure solar power for its manufacturing facility at Kalwa, in Maharashtra.

The company has executed a Power Purchase Agreement and on Friday entered into a Share Subscription and Shareholders Agreement for the subscription of 26 per cent of the paid up equity share capital of Sunsole Renewables Private Limited, subject to fulfilment of conditions precedent as agreed between the parties, the filing said.