Grasim to Acquire 26% Stake in Renew Surya Uday
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Also enters into power purchase agreement with Renew Surya Uday
Grasim Industries has executed a share purchase subscription and shareholders’ agreement with Renew Green Energy Solutions (Promoter) & Renew Surya Uday (Power Producer) and Power Purchase Agreement with Renew Surya Uday (Power Producer).
The purpose of entering into the agreement is to operate and maintain 17.6 MW Wind-Solar Hybrid power plant in the State of Gujarat wherein the power generated will be supplied exclusively to Grasim under the Captive Rules. The Project will be operated by Renew Surya Uday (Power Producer).
Total Capital of the Company, initially, will be Rs. 58.89 crore which will be contributed by Grasim Rs.15.31 crore (26%) and by the Renew Green Energy Solutions Rs. 43.58 crore (74%) in phases.
Source : capital markets
