NewsCIE Automotive India Acquires 26.09% Stake in Suryadeep GJ3 Project for Rs. 48 Lakhs to Secure Captive Solar PowerCIE Automotive India Acquires 26.09% Stake in Suryadeep GJ3 Project for Rs. 48 Lakhs to Secure Captive Solar Power
CIE Automotive India Limited completed the acquisition of a 26.09% equity stake in Suryadeep GJ3 Project Private Limited on 15th May, 2026, by subscribing to 4,80,000 equity shares of Rs. 10/- each for a total cash consideration of Rs. 48,00,000 (Rupees Forty-Eight Lakhs only). Suryadeep, a special purpose vehicle incorporated by InSolare Energy Limited on 1st November, 2024, is engaged in developing and operating renewable energy projects. The investment qualifies CIE Automotive India as a captive consumer under applicable Electricity Laws, enabling it to receive solar power from Suryadeep's planned captive generating plant of around 1.6 MWp gross capacity, thereby optimizing power costs at its Rajkot, Gujarat factories. Suryadeep has become an associate company of CIE Automotive India effective 15th May, 2026.
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CIE Automotive India Limited has completed the acquisition of a 26.09% equity stake in Suryadeep GJ3 Project Private Limited ("Suryadeep") on 15th May, 2026. The transaction involved the subscription of 4,80,000 equity shares of Rs. 10/- each at par, aggregating to a total cash consideration of Rs. 48,00,000 (Rupees Forty-Eight Lakhs only). With this allotment, Suryadeep has become an associate company of CIE Automotive India effective 15th May, 2026.
Transaction Details
The acquisition follows a Share Subscription and Shareholders' Agreement entered into by the company with Suryadeep, which was first disclosed on 4th March, 2025. The agreement outlined the company's intent to invest and subscribe to up to 26% of the equity share capital of Suryadeep for an amount of up to Rs. 48,00,000 (Rupees Forty-Eight Lakhs only). The transaction was completed entirely through cash consideration, with shares acquired at par value.
The key parameters of the acquisition are summarised below:
| Parameter: | Details |
|---|---|
| Target Entity: | Suryadeep GJ3 Project Private Limited |
| Date of Incorporation (Target): | 1st November, 2024 |
| Shares Acquired: | 4,80,000 Equity Shares of Rs. 10/- each |
| Stake Acquired: | 26.09% of paid-up equity share capital |
| Total Consideration: | Rs. 48,00,000 (Rupees Forty-Eight Lakhs only) |
| Mode of Consideration: | Cash |
| Acquisition Price per Share: | Rs. 10/- (at par) |
| Date of Completion: | 15th May, 2026 |
| Post-Acquisition Status: | Suryadeep becomes an Associate Company |
About Suryadeep GJ3 Project Private Limited
Suryadeep GJ3 Project Private Limited is a special purpose vehicle incorporated under the Companies Act, 2013 (CIN: U35105GJ2024PTC156141) on 1st November, 2024, by InSolare Energy Limited, a company incorporated under the Companies Act, 1956. Prior to this acquisition, Suryadeep was a 100% subsidiary of InSolare Energy Limited. Suryadeep's registered office is located at 501-505 Altimus Blue Dart, B/H Torrent Pharma Office, Ashram Road P.O, Ahmedabad, City Ahmedabad, Gujarat, India, 380009. The entity is engaged in the business of developing and operating renewable energy projects, and its commercial operations have not yet commenced.
Strategic Rationale: Captive Solar Power
The primary objective of this investment is to enable CIE Automotive India to qualify as a captive consumer of solar power under applicable Electricity Laws. Suryadeep is set to establish a captive generating plant with a gross capacity of around 1.6 MWp, which will supply captive solar power to CIE Automotive India's factories in Rajkot, Gujarat. Under applicable Electricity Laws, a company must hold at least 26% of the total equity capital of a power generating plant to qualify as a captive consumer. This investment is therefore essential to meet that threshold and is expected to help optimize power costs at the Rajkot facilities.
Regulatory and Related Party Disclosures
The transaction does not constitute a related party transaction. None of the promoter, promoter group, or group companies have any interest in Suryadeep. No governmental or regulatory approvals were required for the completion of this acquisition. The disclosure has been made pursuant to Regulation 30 read with Para A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 last updated on 30th January, 2026.
Historical Stock Returns for CIE Automotive
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.40% | +0.80% | -4.86% | +9.97% | +4.33% | +156.69% |
Will CIE Automotive India expand its captive solar capacity beyond the initial 1.6 MWp plant in Rajkot to cover its other manufacturing facilities across India?
How significant could the reduction in power costs be for CIE Automotive India's Rajkot operations once the captive solar plant becomes operational, and what impact might this have on overall margins?
Could CIE Automotive India pursue similar captive renewable energy investments with other SPVs to meet sustainability targets and reduce energy costs at its non-Gujarat facilities?
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