CleanTech Solar to Supply Solar Power to Mahindra CIE – EQ Mag
Automotive component supplier Mahindra CIE Automotive Ltd on Monday said that it has invested ₹24.26 million in Strongsun Solar Private Limited.
The company has subscribed to 303,250 equity shares of of Strongsun Solar Private Limited. Mahindra CIE Automotive after the allotment of shares subscribed will hold 27.35 per cent of the post issue paid-up capital of Strongsun.
“The Company today i.e., 12th December, 2022 has invested INR 24.26 Million towards subscription of 3,03,250 equity shares of INR 10/- each of Strongsun Solar Private Limited (“Strongsun”) which will constitute 27.35% of the post-issue paid-up capital of Strongsun,” said the company in its corporate filing.
Strongsun is setting up two captive generating plants of the capacity of 7 MWp and 3 MWp to supply captive solar power from these plants to Mahindra CIE Automotive foundry division at urse (7 MWp) and magnetics products division at Bhosari (3 MWp) respectively.
“In order to qualify as a captive consumer, the Company must hold atleast 26% of the total equity capital of the Power Generating Plant(s),” the company added in its corporate filing.
The shares will be allotted on or before 5th January, 2023 and the company’s total investment in Strongsun is expected to be completed by April, 2023.
Mahindra CIE Automotive Ltd’s September quarter (Q3CY22) results showed that while the India business performed well and saw sequential revenue growth of 11.7%, revenues from the European operations dropped 9%. The company follows a January-to-December accounting year.
The India business benefitted from recovery in passenger vehicle (PV) and two-wheeler production volumes. Also, the quarter saw increase in realisations led by raw-material cost pass through. Ebitda (earnings before interest, tax, depreciation and amortization) margin inched up 10 basis points (bps) sequentially to 15%. One basis point is 0.01%.
The company’s scrip ended 0.49 per cent up at ₹286.60 on BSE.
Source: livemint
