RP-Sanjiv Goenka Group firm CESC Ltd. acquired a 63.91% stake in Purvah Green Power Pvt., a wholly owned subsidiary of Crescent Power Ltd., for Rs 205 crore. Crescent is also a subsidiary of CESC.
Following the acquisition, Purvah will become a direct subsidiary of CESC, according to an exchange filing on Monday.
Purvah was incorporated in December 2023 in West Bengal to generate, trade and deal in electrical energy by using renewable sources.
CESC said its investment is geared towards the expansion of the renewable energy business.
The Kolkata-based company has an operational generation capacity of 2,140 MW and has planned investments in hybrid renewable energy generation of 3 GW as of March 31, 2024.
Shares of the company closed 0.06% higher at Rs 166.95 apiece ahead of the announcement, as compared to a flat benchmark S&P BSE Sensex.
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