Prism Johnson to acquire 30% equity stake in SPV

Prism Johnson has agreed to acquire upto 30% equity stake for approximately Rs 10 crore in special purpose vehicle (SPV) to be incorporated together with CSE Development India (Cleantech) for setting up captive solar power projects aggregating to 22 MW at various manufacturing facilities of the company. The projects will be set up with the company as captive user and Cleantech as the developer. This arrangement is expected to reduce the overall cost of production.

Cleantech develops, finances, constructs, owns and operates high quality solar PV projects. Cleantech is India’s leading on site solar developer by market share.

Prism Johnson (formally known as Prism Cement) is a building materials company. The company has interest in Portland cement, tiles, bathroom and kitchen (TBK) and ready mixed concrete (RMC).