DLF’s subsidiary, DLF Cyber City Developers, has agreed to purchase approximately 26.43% of the shares of Suncloud Solar for a cash consideration of Rs 8.41 crore through one of its wholly-owned subsidiaries, DLF Info City Chennai.
The Target Entity, a special purpose vehicle owned by Cleantech Solar India OA 2, was established to carry out the building, upkeep, and operation of the captive generating plant as well as to supply the Acquirer with power produced by the captive generating plant on a captive basis in accordance with the Power Purchase Agreement (PPA). DLF Info City Chennai must purchase Equity Shares totaling at least 26% of the Target Entity’s issued and paid-up equity share capital in order to be considered a Captive User under the Electricity Act, 2003 and related rules.
One of India’s largest real estate developers is DLF. Development of residential, commercial and retail properties is the company’s main line of business. The business has a distinctive business structure, with revenue coming from rentals and development.