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Grasim to acquire 26% stake in Renew Surya Uday

Capital Market 

Also enters into power purchase agreement with Renew Surya Uday

Grasim Industries has executed a share purchase subscription and shareholders' agreement with Renew Green Energy Solutions (Promoter) & Renew Surya Uday (Power Producer) and Power Purchase Agreement with Renew Surya Uday (Power Producer).

The purpose of entering into the agreement is to operate and maintain 17.6 MW Wind-Solar Hybrid power plant in the State of Gujarat wherein the power generated will be supplied exclusively to Grasim under the Captive Rules. The Project will be operated by Renew Surya Uday (Power Producer).

Total Capital of the Company, initially, will be Rs. 58.89 crore which will be contributed by Grasim Rs.15.31 crore (26%) and by the Renew Green Energy Solutions Rs. 43.58 crore (74%) in phases.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, August 07 2021. 17:10 IST