Hyundai Motor India Ltd Signs Share Subscription Agreement with Fourth Partner Energy and FPEL TN Wind Farm for Renewable Energy Supply

Hyundai Motor India Ltd has signed a Share Subscription and Shareholders’ Agreement (SSSHA) with Fourth Partner Energy Private Limited and FPEL TN Wind Farm Private Limited. The agreement aims to enhance the company’s source of renewable power by establishing a Solar Power Plant with a 75 MW capacity and Wind power of 42.9 MW capacity in Tamil Nadu. The subscription of equity shares in FPEL TN Wind Farm Private Limited will enable Hyundai to consume the generated solar and wind power as a 'captive user'. The agreement does not fall under related party transactions and the promoter/promoter group of the company does not have any interest in the entity whose equity shares are being acquired. The consideration will be paid in cash, with Hyundai subscribing to shares in the SPV at approximately Rs. 38,05,07,400. FPEL TN Wind Farm Private Limited is a subsidiary of Fourth Partner Energy Private Limited, incorporated under the Companies Act, 2013, with its registered office in Hyderabad, Telangana.