StarlinePS Enterprises Ltd to invest in Celloraa Energy Pvt Ltd

The Board of Directors of StarlinePS Enterprises Limited has approved to make investment of 50% in the aggregate post money paid-up equity share capital of Celloraa Energy Private Limited ("Target Entity") for a value of Rs. 160 Crore (Rupees One Hundred Sixty Crore) by subscribing new equity shares of the Target Entity for which the subscription amount will be paid by the Company by way of cash consideration.

The above-mentioned proposed acquisition shall be made by the Company in one or more tranches and subject to completion of customary conditions precedent, the relevant regulatory approvals as may be required under the applicable law(s), if any, and approvals from the shareholders of the Company.

Celloraa Energy Private Limited is currently establishing a state-of-theart 1.2 GW solar cell manufacturing facility equipped with advanced German technology and sustainable, water-efficient manufacturing processes. As part of its long-term growth strategy, the company plans to expand its solar cell manufacturing capacity to 2.4 GW.

Source : Equity Bulls

Keywords

StarlinePSEnterprises Investment CelloraaEnergy