Yinson Annual Report 2021

307 ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2021 46. Summary of effects of acquisition and re-organisation of companies (continued) 2021 (continued) (a) Internal re-organisation of companies (continued) (x) On 4 January 2021, Yinson Offshore Services Sdn. Bhd., an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Offshore Marine Limited ("YOML") from Yinson Offshore Services Limited ("YOSL"), an indirect wholly owned subsidiary of the Company for a consideration of USD1. YOML remains as an indirect wholly owned subsidiary of the Company. (xi) On 4 January 2021, Yinson Offshore Services Sdn. Bhd., an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Camellia Limited ("YCL") from Yinson Offshore Marine Limited, an indirect wholly owned subsidiary of the Company for a consideration of USD873,482. YCL remains as an indirect wholly owned subsidiary of the Company. (xii) On 4 January 2021, Yinson Offshore Services Sdn. Bhd., an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Indah Limited ("YIL") from the Company for a consideration of USD1. As a result, YIL became an indirect wholly owned subsidiary of the Company. (xiii) On 13 January 2021, Yinson Production Capital Pte. Ltd. (formerly known as Yinson Malva Production Pte. Ltd.), an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Production Pte. Ltd. ("YPPL") from Yinson Production Offshore Pte. Ltd., an indirect wholly owned subsidiary of the Company for a consideration of USD6,203,496. YPPL remains as an indirect wholly owned subsidiary of the Company. (b) Acquisition of a company On 26 March 2020, YR Bhadla Pte. Ltd. (formerly known as Yinson Renewables (S) Pte. Ltd.) ("YRBPL"), an indirect wholly owned subsidiary of the Company entered into multiple agreements to acquire a 37.5% equity interest in Rising Sun Energy Private Limited (“RSE”), a company incorporated in India with two operational solar plants in the Bhadla Solar Park, Rajasthan, India. YRBPL paid INR554 million (RM32 million) for the stake. The two adjoining solar plants have a combined generation capacity of 140MW (AC rated), and achieved their scheduled commissioning dates in 2017. 25-year Power Purchase Agreements, expiring in 2042, were signed with NTPC Limited, India’s largest power utility company, majority owned by the Government of India. Subsequently on 23 December 2020, YRBPL completed the acquisition of an additional 57.5% equity interest in RSE and YRBPL obtained control in RSE with 95.0% equity interest for a total cash consideration of INR1,100 million (RM59 million) ("Consideration"). An aggregate of 85%of the Consideration was paid to vendors whilst the remaining balance of 15%of the consideration (“Balance Consideration”) was retained by YRBPL at Completion and will be progressively released upon fulfilment of all the Post Completion Obligations on or before the date being 24 months from the date of the Second Amendment Agreement. Failing which, the Balance Consideration shall be deemed as forfeited to the vendors.