Chennai, Feb 14 : Automotive components and consumer goods player Bosch Ltd, in order to source green power at a cheaper rate, will acquire small stakes in two solar power companies for a cash consideration of about Rs 4.88 crore.

The two companies are AMP Energy C&l Eight Private Limited and the Special Purpose Vehicle (SPV) incorporated by the CSE Development (India) Pvt. Ltd.

In a regulatory filing, Bosch said the company will invest an amount not exceeding Rs 4.37 crore in AMP Energy C&l Eight Private Limited to acquire 10.87 per cent stake corresponding to the contracted capacity in the 27.5 MWdc Group Captive Solar Power Plant in Karnataka.

The acquisition is slated to be completed on or before 30.6.2024 or such other date that is mutually agreed by the two parties.

Bosch will invest an amount not exceeding Rs 51.3 lakh in the SPV incorporated by CSE Development (India) Pvt Ltd set up for the purpose of setting up a 6.25 MWdc Group Captive Solar Power Plant in Tamil Nadu.

The investment will be by way of purchase and/or subscribing to equity shares and/or compulsorily convertible debentures and/or compulsorily convertible preference shares, in one or more tranches, constituting up to 5.2 per cent of its paid up share capital corresponding to contracted capacity in the SPV, Bosch said.

According to Bosch, the target company has to acquire statutory approvals from the Tamil Nadu government.

The target date for completion of acquisition will be mutually agreed by the two parties.

/IANS