Privi Speciality Chemicals Limited has completed its equity investment in M/s. Radiance MH Sunrise Eleven Private Limited, a Special Purpose Vehicle (SPV) for a Solar Power Project. The investment, totaling Rs. 1,77,57,831, secures a 5.80% stake. This move aims to establish the company as a captive power user under the Electricity Act, reducing dependence on fossil fuels and lowering electricity costs. The transaction was completed via a cash investment on March 09, 2026.
Completion of Solar Power Investment
Privi Speciality Chemicals Limited announced the finalization of its strategic investment in the renewable energy sector. Following board approval granted in July 2024, the company has executed agreements to acquire a stake in a Solar Power Project via a Special Purpose Vehicle (SPV).
Transaction Details and Stake Acquired
The designated SPV is M/s. Radiance MH Sunrise Eleven Private Limited. The acquisition involved an investment of Rs. 1,77,57,831 (Rupees One Crore Seventy-Seven Lakhs Seventy-Seven Thousand Eight Hundred and Thirty One) through the subscription of 47,103 Equity Shares (Face Value Rs.10 each, with a premium of Rs. 367 per share).
This investment aggregates to a 5.80% stake in the total paid-up Equity Capital of the Target Company. The acquisition was executed as a Cash Transaction in a single tranche on March 09, 2026.
Strategic Rationale for Acquisition
The primary objective of this acquisition is for the Company to become a captive user as defined under the Electricity Act, 2003. The resultant solar power generation will utilize environmentally friendly resources, directly addressing two key corporate goals:
- Reducing the Company’s dependence on coal & natural gas for power needs.
- Achieving a direct reduction in the Company’s electricity cost.
Target Entity Background
The target entity is involved in the development, construction, operation, and maintenance of solar power plants in India. It is currently developing/constructing a ground-mounted, grid-connected solar photovoltaic electric generating facility in Maharashtra, with an installed capacity of 16.60 MW. The target entity was incorporated on March 12, 2021, and has not yet commenced operations.
Regulatory Approvals
While initial approvals for the investment were not required, post-commissioning of the Solar Power Project, the company anticipates needing approvals for long term open access and the installation of an Availability Based Tariff (ABT) meter.
Source: BSE
