Kolkata-based power utility Calcutta Electric Supply Corporation (CESC) has acquired a 63.91% equity stake in Purvah Green Power at the cost of ₹2.05 billion (~$24.48 million).

Purvah was a wholly-owned subsidiary of Crescent Power, which is a subsidiary of CESC.

The stake acquisition makes Purvah a direct subsidiary of CESC. Crescent Power acquired a 100% stake in Purvah in March this year.

In a regulatory filing, CESC said it acquired the 63.91% stake by subscribing to 205 million equity shares of ₹10 (~$0.12) each for an aggregate consideration amounting to ₹ 2.05 billion (~$ 24.48 million).

Purvah Green Power, which began operations in December 2023 in West Bengal, focuses on generating, trading, and dealing in electrical energy using renewable energy sources.

CESC, a part of the RP-Sanjiv Goenka Group, supplies power to the Kolkata Municipal Corporation. It is the sole electricity distributor within an area of 567 sq km of Kolkata, Howrah and adjoining areas, serving 3.4 million consumers, including domestic, industrial, and commercial users.

Earlier this year, CESC issued a tender to procure 150 MW  solar power. It proposes to enter into a power purchase agreement for 25 years to procure power from 150 MW interstate transmission system-connected solar power projects in India.

In April, CESC announced in a bourse filing that Purvah Green Power had completed the acquisition of Bhadla Three SKP Green Ventures, which was developing a 300 MW solar park in Rajasthan.

In January, CESC Projects won a capacity of 10,500 MT in Solar Energy Corporation of India’s tender to set up 450,000 MT/annum production facilities for green hydrogen. The tender for green hydrogen production was issued in July 2023.

Purvah Green Power entered into a framework agreement with Suzlon Energy in July for wind turbine supply, EPC, and maintenance services over the next two to four years.