CIE Automotive India Limited has officially acquired a 26.09% equity stake in Suryadeep GJ3 Project Private Limited for Rs. 48 Lakhs. This strategic investment allows the company to participate as a captive consumer in a renewable energy project, aimed at optimizing power costs for its manufacturing facilities in Rajkot, Gujarat.
Strategic Investment in Renewable Energy
On May 15, 2026, CIE Automotive India Limited successfully completed the subscription of 4,80,000 equity shares of Suryadeep GJ3 Project Private Limited. With this allotment, Suryadeep has officially become an associate company of CIE Automotive India Limited.
Rationale Behind the Acquisition
The primary objective of this investment is to source sustainable energy for the company’s industrial operations. Suryadeep is currently developing a captive solar power plant with a gross capacity of approximately 1.6 MWp. To meet the requirements of a captive consumer under current electricity laws, the company needed to secure at least 26% equity ownership in the power generating entity. This move is expected to significantly reduce energy costs at the company’s Rajkot, Gujarat, manufacturing units.
About the Target Entity
Suryadeep GJ3 Project Private Limited, incorporated on November 1, 2024, operates as a special purpose vehicle originally established by InSolare Energy Limited. The entity is focused on the development and operation of renewable energy projects. As of the acquisition date, the company has not yet commenced commercial operations, and the transaction was executed on a cash basis at par value, totaling Rs. 48,00,000.
Source: BSE
