CIE Aluminium Casting India Limited (CIEALCAST), a wholly owned subsidiary of CIE Automotive India, will acquire up to a 29 per cent stake in AMPIN Energy C&I Thirty One Private Limited for INR 1.75 crore, as per a recent stock exchange filing. This strategic investment is aligned with CIE Automotive India’s sustainability agenda and is aimed at reducing power expenses and boosting the use of renewable energy at its energy-intensive manufacturing operations.
AMPIN Energy C&I Thirty One will set up a 5 MWp (3.3 MWac) captive solar power plant, which will supply green energy to CIEALCAST’s facility in Ch. Sambhaji Nagar, Maharashtra, helping the company optimise energy costs.
CIE Automotive India has announced that its investment in AMPIN Energy C&I Thirty One Private Limited will help lower power costs and enhance the use of renewable energy across its energy-intensive manufacturing operations. The deal is expected to be completed within the next four months.
AMPIN Energy C&I Thirty One, a wholly owned subsidiary of AMPIN C&I Private Limited, was established in November 2023 and focuses on renewable energy generation. CIE Automotive India clarified that the transaction does not constitute a related-party deal, and neither its promoters nor promoter group companies have any interest in the entity being acquired.
Headquartered in Pune and listed on both the BSE and NSE, CIE Automotive India is a prominent manufacturer of automotive components, specialising in aluminium casting, forging, and machining for clients worldwide.
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Image Source: CIE Aluminium Casting India Limited website
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