Varroc Engineering Limited has announced its entry into a Power Delivery Agreement (PDA) and Share Purchase and Shareholder’s Agreement (SP&SA) with AMPIN C&I Power Twelve Private Limited and AMPIN Energy C&I One Private Limited. These Special Purpose Vehicles (SPVs) are established for developing renewable power assets in Tamil Nadu and Karnataka, respectively. Under these agreements, AMPIN will supply solar power to Varroc Engineering's facilities in Karnataka and Tamil Nadu as a captive user. Varroc's investment will not exceed ₹22,80,000 for the acquisition of 2,28,000 Equity Shares (0.44% stake) in AMPIN Energy C&I One Private Limited for Tamil Nadu, and ₹25,90,000 for acquiring 2,59,000 Equity Shares (0.83% stake) in AMPIN C&I Power Twelve Private Limited for Karnataka. The SPVs are incorporated for developing renewable power assets, with AMPIN Energy C&I One Private Limited formed on December 8, 2023, and AMPIN C&I Power Twelve Private Limited on April 23, 2025. The acquisition is expected to be completed on or before August 30, 2026. These investments are part of Varroc's strategy to source solar power for its manufacturing plants and do not fall under related party transactions. The agreements do not contain any special rights for the parties involved.
