Hindalco Inds acquires 26% stake in Ayana Renewable Power Four – EQ
In Short : Hindalco Industries has acquired a 26% stake in Ayana Renewable Power Four. This strategic investment aligns with Hindalco’s efforts to expand its presence in the renewable energy sector and diversify its portfolio with sustainable power assets. The move signifies a commitment to advancing clean energy initiatives.
In Detail : The Aditya Birla Group company informed that it has acquired 26% stake in the equity share capital of Ayana Renewable Power Four (ARPFPL) on 5 February 2024 at a consideration of Rs 1,62,50,000.
The scope of acquisition is to develop and operate captive power generation plant to supply 100 MW round-the-clock renewable energy to Hindalcos smelter located in Odisha.
ARPFPL was incorporated on 15 October 2019 and is engaged in generation and supply of power.
Pursuant to the said acquisition, ARPFPL has become an associate company of Hindalco Industries.
Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world’s largest aluminium company by revenues, and a major player in copper. It is also one of Asia’s largest producers of primary aluminium.
The companys consolidated net profit rose marginally to Rs 2,196 crore in Q2 FY24 as against Rs 2,205 crore recorded in Q2 FY23. Revenue from operations declined 3.57% year on year to Rs 54,169 crore during the quarter.
The scrip declined 1.38% to currently trade at Rs 571.60 on the BSE.
