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VBL Powers Up Uttar Pradesh with Solar Investment
7 Oct
Summary
- Varun Beverages will acquire up to 26% in Jager Renewables.
- Investment secures solar power for Uttar Pradesh facilities.
- Jager Renewables is yet to commence operations.
Varun Beverages will acquire a stake of up to 26% in Jager Renewables, an entity established to supply solar power within Uttar Pradesh. This investment, amounting to a maximum of ₹4.10 crore, is part of a group captive model designed to secure solar energy for Varun Beverages' facilities in the region.
The acquired stake will be secured through one or more tranches, with the company's board approving the plan on October 7. This move is anticipated to lower electricity expenses for Varun Beverages' operations in Gorakhpur and Prayagraj, while also promoting environmentally friendly energy consumption.
Jager Renewables, incorporated on September 8, 2020, is in the renewable power generation sector but has not yet begun operations. The acquisition is slated for completion by October 6, 2027, and does not require any government or regulatory approvals.
