Commodities
Primo Chemicals to Invest INR210 Million for 26% Stake in Solar SPV
Primo Chemicals (NSE:PRIMO, BOM:506852) will invest 210 million Indian rupees for a 26% stake in TPCS Pvt. Ltd., a special purpose vehicle formed to own and operate a 50 MW solar power plant under captive mode, according to an Indian bourse filing on Tuesday.Shares of the company fell nearly 1% in Wednesday's trade.TPCS has been incorporated for development of the project under open access and captive power policy, the filing said. The SPV is currently held by Arpa Infrastructure Developers, with a 51% stake, and Sun Photonics Pvt. Ltd, with a 49% stake, it added.The investment will be made in one or more tranches, the company said in the filing.
BOM:506852NSE:PRIMO
