Zodiac Energy Limited (Zodiac) has entered into a Memorandum of Understanding (MOU) with the State Bank of India (SBI) on November 19, 2024. The company announced the MOU in letters to BSE Limited and the National Stock Exchange of India Limited on November 20, 2024.
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TogglePurpose of the MOU:
The primary objective of this MOU is to provide financial assistance through SBI to Zodiac’s customers interested in purchasing solar photovoltaic plants. Under this agreement, SBI will extend financial support of up to Rs. 10 crores (Rupees Ten Crores Only) to qualified customers.
Key Features of the MOU:
- Type of Agreement: The MOU is a domestic agreement with SBI, a leading Indian financial institution.
- Financial Assistance: SBI will offer up to Rs. 10 crores in financial aid to Zodiac’s customers for acquiring solar photovoltaic plants.
- Credit Assessment: SBI will conduct its own credit evaluations before extending financial assistance to the customers.
- Duration: The MOU will be valid for a period of two years, with the possibility of renewal based on mutual agreement between Zodiac and SBI.