2 hrs ago
Varun Beverages to Buy Up to 26% Stake in Solar Company
Varun Beverages plans to invest up to Rs 4.10 crore in a company called Jager Renewables.
In return, it could own as much as 26 per cent of that company.
Jager Renewables is planned to make and supply solar electricity in Uttar Pradesh, but it has not started operating yet.
Varun Beverages wants to use that electricity at its facilities in Gorakhpur and Prayagraj, and at any new facilities it opens in the state.
The company says solar power could help reduce electricity costs and is better for the environment.
The investment is expected to be completed by October 6, 2027.
Varun Beverages said no government or regulatory approval is needed.
Varun Beverages approved an investment of up to Rs 4.10 crore in Jager Renewables Private Limited.
The proposed purchase would give Varun Beverages up to 26 per cent of Jager Renewables’ equity.
Jager Renewables was established to generate and supply solar power in Uttar Pradesh and has not started operations.
Varun Beverages plans to use the solar power at its Gorakhpur and Prayagraj facilities and any new Uttar Pradesh facility.
The investment will be made in cash in one or more tranches and is expected to be completed by October 6, 2027.
- Who
- Varun Beverages Limited and Jager Renewables Private Limited.
- What
- Varun Beverages approved an investment of up to Rs 4.10 crore for up to a 26 per cent equity stake in Jager Renewables.
- Where
- The solar power is intended for Varun Beverages facilities in Gorakhpur and Prayagraj, Uttar Pradesh, and any new facilities in the state.
- When
- The proposal was approved on October 7; completion is expected on or before October 6, 2027.
- Why
- To obtain captive solar electricity, which the company expects to reduce power costs and provide an environment-friendly energy source.
Key facts
- Maximum investment
- Rs 4.10 crore
- Maximum equity stake
- 26 per cent
- Investment approval
- Varun Beverages’ Investment and Borrowing Committee approved the proposal on October 7.
- Planned solar supplier
- Jager Renewables Private Limited
- Intended locations
- Gorakhpur, Prayagraj and any new Varun Beverages facility in Uttar Pradesh
- Jager Renewables status
- Incorporated in September 2020; yet to begin operations
- Expected completion
- On or before October 6, 2027
- Approvals
- The company said no government or regulatory approval is required.
Sources
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