Rajalakshmi Group buys 63MW of wind energy from Ashok Leyland

Rajalakshmi Group, which has set up engineering and technology colleges, has purchased 63MW of wind power from Hinduja Group flagship Ashok Leyland at Rs 170 crore as part of increasing its footprint in renewable energy.
"Rajalakshmi Group, which bought last week 63 MW of windpower from Ashok Leyland for a consideration of Rs 170 crore expects to increase wind power capacity to 200 MW and also put up not less than 53 MW of solar energy in Tamil Nadu over the next four years," a press release said.
In a notice to BSE last month, Ashok Leyland said the company has divested 48.5 per cent equity stake held in Ashok Leyland Wind Energy Ltd (ALWEL) to a "buyer" and all relevant agreements had been signed and the deal completed.

Consequent to the development,shareholding of Ashok Leyland in ALWEL came down from 60 per cent to 11.5 per cent.
Ashok Leyland earlier had not disclosed the name of the company which purchased wind energy from it.
Rajalakshmi Automobiles Managing Director Abhay S Meghanathan said, "We already have 750 acres of land in some of the locations in Tamil Nadu and we are going on high gear to raise our green power portfolio".
Rajalakshmi Automobiles, is the automobile marketing division of the Rajalakshmi Group.
Meghanathan said the company has Power Purchase Agreements with Tamil Nadu Electricity Generation and Distribution Company and the group was moving ahead with solar projects in the State.