Realty major DLF's arm DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of its office and rental assets, said it has acquired a 26.43 percent stake in Suncloud Solar Private Ltd for Rs 8.41 crore.

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DCCDL, through one of its wholly-owned subsidiaries DLF Info City Chennai Ltd, has agreed to acquire around 26.43 percent shares of Suncloud Solar Pvt Ltd by way of cash consideration of Rs 8.41 crore, the company said in a regulatory filing.

Suncloud Solar is a special purpose vehicle of Cleantech Solar India OA 2 Pte. Ltd. It has been incorporated to undertake the construction, operation and maintenance of the captive generating plant and to supply, on captive basis, power generated from the captive generating plant to DLF Info City Chennai under the Power Purchase Agreement (PPA).

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Suncloud Solar Private Ltd is engaged in the business of providing solar power solutions comprising of consulting, design, engineering, fabrication, installation, commissioning and monitoring of distributed rooftop solar power plants primarily for captive consumption of commercial and industrial customers in India.

To qualify as captive user in terms of the Electricity Act, 2003 and the allied rules, DCCDL is required to subscribe to equity shares comprising at least 26 percent of the issued and paid-up equity share capital of Suncloud Solar.

DLF has two verticals — development business which is housing and rental business where it builds commercial projects (office and malls) and then provides them on lease to corporates and retailers. So far, the company has developed more than 153 real estate projects and an area in excess of 330 million square feet.

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Rent-yielding commercial assets are largely held by DLF Cyber City Developers Ltd, which is a joint venture between DLF and Singapore sovereign wealth fund GIC. DLF holds nearly 67 percent stake in the joint venture.

DLF Group has 215 million square feet of development potential across the residential and commercial segments.

(Edited by : Pradeep John)