Concord Biotech Invests in Renewable Energy Project
Concord Biotech Ltd has entered into an agreement to invest in FSGE Renewable Power Private Limited for a Wind Solar Hybrid Power Project in Gujarat. The investment involves acquiring 27.38% equity share capital in FSGE, which is setting up a 6.3 MW AC Wind and 6.3 MWp DC Solar capacity project for Concord's Limbasi Facility. This strategic move aligns with Concord's commitment to sustainability, reducing its carbon footprint, and achieving long-term financial benefits through lower energy costs. FSGE is yet to commence commercial operations, and upon acquisition, it will become an associate of Concord Biotech. The transaction is considered a Related Party Transaction but will be conducted on an arm's length basis.
Key Highlights
- Concord Biotech invests in FSGE Renewable Power for a hybrid energy project.
- Acquires 27.38% equity, making FSGE an associate company.
- Project aims to reduce carbon footprint and energy costs.
- Investment aligns with sustainability and environmental goals.
Price Impact
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