DLF’s arm inks pact to acquire 26.97% stake in Balang Renewables

DLF step-down subsidiary -- DLF Info Park Developers (Chennai) has executed a share purchase and shareholders agreement to acquire around 26.97% equity shares of Balang Renewables for a cash consideration of Rs 4.20 crore. DLF Info Park Developers (Chennai) is a subsidiary of DLF Cyber City Developers, a material subsidiary of the company. The acquisition is aimed at catering the rising demand for electricity through environment friendly energy solutions. The acquisition is estimated to be completed within 30 days from the date of execution of the transaction documents. Balang Renewables is engaged in the business of development, operation and maintenance of the renewable energy plant and further supplying the green power, to the DLF Info Park Developers (Chennai) under the Captive Power Purchase Agreement (PPA). To qualify as a Captive User in terms of the Electricity Act, 2003 and the allied rules, the DLF Info Park Developers (Chennai) is required to subscribe to the equity shares comprising at least 26% of the issued and paid-up equity share capital of the Balang Renewables. $DLF