Business Update3 Jan 2024, 11:18 pm
MRF Limited to Acquire Stake in First Energy 8 Private Limited
AI Summary
MRF Limited has entered into a captive power purchase agreement with First Energy 8 Private Limited for purchase of wind power under the captive power policy of the Government. The company will acquire up to 27.2% of the paid-up equity of First Energy 8 Private Limited, as per the group captive generation mechanism under the Electricity Act.,
Key Highlights
- MRF Limited to acquire stake in First Energy 8 Private Limited
- Pursuant to Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015
- Acquisition to enhance renewable power supply
- Cash consideration of Rs.35.87 Crores
- 27.2% of the paid-up equity capital of the Company