SONA BLW Precision Forgings Ltd Approves Investment in Special Purpose Vehicle (SPV)

SONA BLW Precision Forgings Ltd, a leading manufacturer of precision automotive components, has announced that its Board of Directors has approved an investment in a special purpose vehicle (SPV) to set up a group captive solar power project for its Chennai facility. The SPV will be developed by Cleantech Solar India OA 2 Pte Ltd ("Cleantech") and will be funded through a combination of equity and debt capital.

As part of the approved plan, SONA BLW Precision Forgings Ltd will invest approximately INR 8.3 million to acquire a 26% equity stake in the SPV. Cleantech will hold the remaining 74% equity stake. This investment is part of SONA BLW's efforts to meet regulatory requirements and to promote the use of renewable energy sources in its operations.

The group captive solar power project aims to supply clean and sustainable energy to the company's manufacturing facility in Chennai, contributing to its environmental sustainability goals and reducing its carbon footprint. The move aligns with SONA BLW's commitment to embracing renewable energy and advancing sustainability in the automotive manufacturing sector.

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