SKF India said that it has signed share purchase agreement with Clean Max Enviro Energy Solutions to acquire 2,600 equity share capital of Cleanmax Taiyo.
Cleanmax Taiyo has been incorporated pursuant to the requirement under the Electricity Act, 2002 and its rules for commissioning a captive power generating plant for generation and supply of electricity to SKF.The company has agreed to acquire 2,600 fully paid-up equity shares of Rs 10 each equivalent to 26% of the total issued and paid-up share capital of Cleanmax Taiyo from Clean Max Enviro Energy Solutions. The acquisition will be completed by 30th June 2023.
The objective of the acquisition will be energy cost reduction, 100% renewable energy sourcing, GHG emission reduction.
Earlier in November 2022, audit committee had approved the investment by way of equity participation of 26% in special purpose vehicle company commissioning a captive project (wind + solar) via open access for Bangalore plant.
SKF India is a leading supplier of products, solutions & services within rolling bearing, seals, mechatronics, and lubrication systems.
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On consolidated basis, the company's net profit increased by 31.4% to Rs 116.67 crore on 11.4% jump in net sales to Rs 1,077.20 crore in Q3 FY23 over Q3 FY22.
The scrip was up 0.40% to Rs 4,307.80 on the BSE.
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