Mumbai: Waaree Energies Limited has informed the stock exchanges that its wholly-owned subsidiary, Waaree Forever Energies Private Limited, has incorporated a new step-down subsidiary, Solaris Horizon Energy Private Limited, on Wednesday.
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The company said Solaris Horizon Energy has been created solely to facilitate and hold specific power projects under the independent power producer (IPP) framework. The newly incorporated entity has no turnover yet and is yet to commence operations.
Waaree Forever Energies will hold 100 percent of the share capital of Solaris Horizon Energy, making it a wholly-owned subsidiary and a step-down subsidiary of Waaree Energies. The company added that the transaction does not fall under related-party dealings and does not require any government or regulatory approvals.
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Solaris Horizon Energy was registered with the Registrar of Companies, Mumbai, on Wednesday. There is no cash consideration involved, and no acquisition cost is applicable as the entity has been newly incorporated.