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Craftsman Automation, an India-based automotive powertrain and aluminium products manufacturer, has invested INR 3.36 crore (~ $336,000) in Solarcraft Power India 24 Private Limited for a 26% stake. The investment will enable Craftsman Automation to procure 7 MW AC solar power for captive consumption under the Electricity Act, 2003. The transaction is expected to be completed within 270 days, subject to customary conditions precedent. It involves a Shareholders’ Agreement, Securities Subscription Agreement, and PPA, with consideration structured in cash. Solarcraft Power India 24 Private Limited, incorporated in June 2023, is developing a solar power project in Rajasthan. Craftsman Automation will not acquire control over Solarcraft through this investment.
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