Varun Beverages to Acquire Stakes in Huoban Energy 11 and Aspirative Creative Ventures
The decision was formalized during a meeting of the Investment and Borrowing Committee of Varun Beverages' Board of Directors.
April 12, 2024. By Abha Rustagi
The decision was formalized during a meeting of the Investment and Borrowing Committee of Varun Beverages' Board of Directors. The committee greenlit investments of up to 14 percent of the equity share capital in both Huoban Energy 11 Private Limited and Aspirative Creative Ventures Private Limited. These special purpose vehicles (SPV) are primarily dedicated to supplying solar power to consumers in Maharashtra and Uttar Pradesh, respectively.
Huoban Energy 11 Private Limited, incorporated under the group captive model as per the Electricity Act, 2003, targets supplying solar power to consumers in Maharashtra. Although it is yet to commence operations, its establishment aligns with the growing emphasis on renewable energy adoption.
Varun Beverages aims to leverage these acquisitions to procure solar power for its facility in Supa Parner, Sakri, District Dhule, Maharashtra. By integrating solar energy into its operations, the company anticipates not only environmental benefits but also significant reductions in power costs at its facilities.
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