en.Wedoany.com Reported - Craftsman Automation has invested INR 33.6 million (approximately USD 336,000) in Solarcraft Power India 24 Private Limited, acquiring a 26% stake in the latter. Through this investment, the Indian automotive powertrain and aluminum products manufacturer will procure 7 MW AC solar power for its own manufacturing operations under the Electricity Act, 2003.
The transaction includes a shareholders' agreement, a securities subscription agreement, and a power purchase agreement, with consideration arranged in cash. The transaction is expected to be completed within 270 days, subject to customary conditions precedent. Solarcraft Power India 24 Private Limited was incorporated in June 2023 and is currently developing a solar project in Rajasthan. Through this investment, Craftsman Automation will acquire equity in Solarcraft but will not obtain control over the latter.
