StarlinePS Enterprises Ltd is investing INR 160 crore in Celloraa Energy to establish a 1.2 GW domestic content requirement (DCR)-compliant solar cell manufacturing facility in Surat, Gujarat.
According to a stock exchange filing, StarlinePS Enterprises’ board has approved an investment of INR 160 crore to acquire a 50% stake in the post-money paid-up equity share capital of Celloraa Energy by subscribing to new equity shares. The investment will be made in one or more tranches, subject to customary conditions, regulatory approvals, and shareholder approval.
The proposed acquisition is expected to be completed within the next 12 months.
The planned facility will manufacture DCR-compliant solar cells to serve the domestic solar market.
Celloraa Energy is establishing a 1.2 GW solar cell manufacturing facility featuring German manufacturing technology and water-efficient production processes. The company plans to expand the plant’s solar cell manufacturing capacity to 2.4 GW.
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