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Apollo Tyres today announced that it has acquired 27.2% stake in solar energy player CSE Deccan Solar Ltd by making an investment of 9.3 crore, according to an exchange filing.

CSE Deccan Solar will be engaged in the business of electric power generation using solar energy, however it has not commenced its operations. The company, incorporated on February 11, 2019 is a domestic company, and is domiciled in Mumbai.

On Friday, Apollo Tyres shares were lower by 1.26% to close at 232 on NSE.

Apollo Tyres is in the business of manufacturing and sale of tyres and owns and operates manufacturing facility at Chennai and has agreed to purchase the metered Energy generated from the captive generating plant as per the power purchase agreement.

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