April 10, 2024
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(Reading of 20 seconds) Exide Industries has acquired a 26% equity stake in Clean Max Arcadia Private Ltd for Rs.5.34 crore.
Clean Max Arcadia Private Limited is a Special Purpose Vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions Pvt Ltd. for generation and supply of solar power,
The primary objective of Exide’s investment in Clean Max Arcadia is to qualify as a captive consumer of solar power, thereby promoting renewable energy adoption within its operations.
By subscribing to 26% of the total equity capital of the SPV, Exide seeks to optimise its power costs and enhance operational efficiency at its factory located in Bawal, Haryana.
