Prince Pipes and Fittings Limited has signed Limited Liability Partnership (LLP) Agreement with Cleanwin Energy Eight LLP, for making an investment up to Rs. 15 Lakhs (Rupees Fifteen Lakhs only), in one or more tranches in Cleanwin Energy Five LLP, on such terms and conditions as prescribed therein to acquire 26.5% of the capital of the LLP
Cleanwin is inter a!ia, engaged in the business of generation of renewable energy from conventional and non-conventional sources of energy and supplying such energy.
Cleanwin Energy Eight LLP (“Cleanwin”) is promoted as a special purpose vehicle, solely to undertake the business of generation from renewable energy from conventional and non conventional sources of energy and to supply such electricity on captive basis to the Company.
The Company has entered into a Power Delivery Agreement of owning, operating and maintenance of the Captive Power Generating Plant and supply of electricity. In line with the statutory requirements to avail such power/electricity for captive usage, the Company is required to become a partner of Cleanwin with 26.5% share.