In Short -Varun Beverages to benefit from solar power supplied by two renewable energy entities, bolstering sustainability efforts and potentially reducing operational costs, while aligning with global trends towards renewable energy adoption.
In Details – Varun Beverages intends to obtain solar power (generation and supply) from the company for its facility located in Supa Parner, Sakri, District Dhule, Maharashtra.Varun Beverages Ltd said on Wednesday it would invest Rs 2.90 crore for 14% equity stake in Huoban Energy 11 Private Limited, a special purpose vehicle engaged in supplying solar power to consumers in Maharashtra. It would also invest Rs 2.24 crore up to 14% of equity share capital of Aspirative Creative Ventures Private Limited, a special purpose vehicle engaged in supply of solar power to consumers in Uttar Pradesh. Varun Beverages shares ended 0.78% lower at Rs 1423.65 on Wednesday against the previous close of Rs 1434.90 on BSE. Market cap of the firm stood at Rs 1.84 lakh crore on BSE. The announcement was made after market hours on Wednesday.
The completion of the transaction is expected on or before October 9, 2024. “Varun Beverages intends to obtain solar power (generation and supply) from the company for its facility located in Supa Parner, Sakri, District Dhule, Maharashtra. Solar power is environment friendly and will also reduce the power cost at the said facilities,” said Varun Beverages in a communication to bourses. Huoban Energy 11 Private Limited is a special purpose vehicle incorporated under the Companies Act, 2013 on March 31, 2022 with the purpose of developing green energy projects in India. Aspirative Creative Ventures Private Limited is a special purpose vehicle incorporated under the Companies Act, 2013 on January 30, 2020 with the purpose of developing green energy projects in India. Varun Beverages is a beverage company. It operates franchisee of PepsiCo. The company produces and distributes a range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo.
