CIE Automotive India Cancels Proposed Acquisition of Ijya Renewables Shares

CIE Automotive India Ltd. has terminated its agreement to acquire up to 27% equity in Ijya Renewables India Project Pvt Ltd. The deal, initially valued at ₹25.54 million, aimed to develop a 7.5 MWp captive solar power plant and optimize power costs through green energy access. The cancellation follows strategic reconsiderations, with the court setting aside the status quo order related to the transaction. This decision marks a shift in CIE Automotive’s renewable energy strategy, as the company reassesses its investment priorities. The termination underscores the dynamic nature of corporate partnerships in India's renewable energy sector.

Source: CNBC TV18, Marketscreener, Renewable Energy Chronicles