Tube Investments of India Ltd. (TII) will be acquiring up to 25% stake in Aerostrovilos Energy Pvt. Ltd. for a cash consideration of ₹3.46 crore.
AEPL is a start-up firm engaged in the development of micro gas turbine technology for power generator and automotive application. The deal is expected to be completed within 30 days.
On Wednesday, TI entered into a Share Subscription Agreement with AEPL for acquisition of 4,151 equity shares at ₹8,335.48 per share from its promoters and existing shareholders.
The proposed investment is in line with the company’s intent to invest in start-ups engaged in innovative research and product development in fields/activities of interest to the company, TII said in a regulatory filing.
