UPL Limited, a global provider of sustainable agriculture products and solutions, has acquired 26 per cent stake in Clean Max Kratos Private Limited.
Clean Max Kratos is yet to commence operations. It would develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project under the captive model as envisaged under the electricity laws. This project will enable UPL to increase its renewable energy usage to 30 per cent of its total global power consumption from the current level of 8 per cent. UPL will initially acquire 2,600 shares of Rs 10 each in Clean Max Kratos for a consideration of Rs 26,000. UPL will further invest, in one or more tranches, about Rs 396 million in Clean Max Kratos maintaining its shareholding to 26 per cent of the paid-up share capital.