The corporate buyer should ensure that a Group Captive project is fully compliant with the spirit of the law, and with the Electricity Act and the proposed amendments to the Electricity Rules by following two simple guidelines:
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Equity participation: A genuine equity contribution, equal to 26% of the equity cost, assuming 70/30 debt to equity ratio
Economic participation: Which means paid up equity share capital with full rights such as, value, share of profit/dividends, capital appreciation, voting rights, transfer of shares etc. should be applicable for all shareholders