Greenply Industries Ltd to invest in Renew Green Energy Solutions Pvt Ltd

The Board of Directors of Greenply Industries Limited ("Company") at its meeting held today have approved the Share Subscription and Shareholders Agreement and Power Purchase Agreement with M/s. Renew Green Energy Solutions Private Limited for supply of hybrid (Solar and Wind) electricity in the Company's unit at Bamanbore, Gujarat. The Company will invest in the shares of Renew Green (GJ Four) Private Limited, a special purpose vehicle (SPV) promoted by Renew Green Energy Solutions Private Limited, an amount of upto Rs. 0.6 crores, aggregating to 3.12% shareholding in the said SPV.

The board approved the proposal of Baahu Panels Private Limited, a Wholly Owned Subsidiary (WOS) of the Company for making an investment in the shares of Renew Green (GJ Four) Private Limited, a special purpose vehicle (SPV) promoted by Renew Green Energy Solutions Private Limited, an amount of upto Rs. 5.25 crores, aggregating to 28.08% shareholding in the said SPV, thereby making it an Associate Company of WOS. The objective of the transaction is to facilitate supply of hybrid (Solar and Wind) electricity in the greenfield MDF manufacturing unit of WOS in Gujarat.

Accordingly, the Company and the WOS, have signed a Share Subscription and Shareholders Agreement and Power Purchase Agreement for a combined 5MW capacity with Renew Green (GJ Four) Private Limited. Out of this, 0.5 MW AC Wind - Solar Hybrid capacity is agreed and contracted with the Company for its consumption at Bamanbore unit in Gujarat and 4.5 MW AC Wind - Solar Hybrid capacity is agreed and contracted with WOS of the Company for its consumption at MDF unit at Sherpura in Gujarat.

Shares of Greenply Industries Limited was last trading in BSE at Rs. 181.40 as compared to the previous close of Rs. 182.60. The total number of shares traded during the day was 16997 in over 837 trades.

The stock hit an intraday high of Rs. 183.90 and intraday low of 181.05. The net turnover during the day was Rs. 3103464.00.

Source : Equity Bulls

Keywords

GreenplyIndustries INE461C01038 SHA PPA RenewGreenEnergySolutions HybridPower