SKF India agrees to make investment in Sunstrength Renewables
31st Aug 2020

SKF India has agreed to make an investment in Sunstrength Renewables by subscribing to 24,78,000 fully paid up equity shares of Rs 10 each equivalent to 26.74% of the total issued and paid-up share capital of the Investee Company tentatively by December 31, 2020.

The company has entered into Share Subscription and Shareholders agreement executed on August 28, 2020 by and between the Company, the Investee Company and shareholders of Investee Company to regulate the rights and obligations of the shareholders, inter se and for the internal management of the Investee Company. It has also entered into Power Purchase Agreement executed on July 23, 2020 by and between the Investee Company and the Company recording the rights and obligations of both parties with respect to the commissioning of the Captive Power Generation Plant.

SKF India is a leading global supplier of rolling bearing and seals. The company provides products, solutions and services in the areas of rolling bearings, seals, mechatronics, services and lubrications systems.