Esab India Limited announced an additional equity investment in Sunsure Solar Park Twenty-Four Private Limited (SSTWPL), a special purpose vehicle for renewable energy generation. This investment will increase Esab India's shareholding in SSTWPL from 9.78% to 17.38%. SSTWPL is establishing a solar power generation plant to supply electricity for captive consumption by corporates, including Esab India's manufacturing plants in Tamil Nadu. The transaction is not a related party transaction, and the promoter group has no interest in the entity being acquired. SSTWPL, incorporated on April 10, 2024, is based in Gurgaon, Haryana, and is engaged in the renewable energy sector. Its authorized capital is ₹10,00,000 and paid-up capital is ₹1,27,430. The company has not yet commenced commercial operations, and its turnover for the current year is Nil. Esab India's Board of Directors has approved an investment of ₹21,200,000 in total for this equity subscription. The company has already invested ₹17,19,480 and will make an additional equity subscription of ₹1,94,78,700. The commencement of the power project is contingent upon SSTWPL receiving necessary regulatory approvals for open access for captive power consumption.
