Tech Mahindra Limited to acquire 26% in Upendra Singh Multi Transmission Pvt Ltd

Tech Mahindra Limited has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited.

Tech Mahindra is signatory to Business Ambition for 1.5°C that commits to contain the rise in global in temperature by 1.5°C. Tech Mahindra has adopted a climate action plan that provides a roadmap for the organization to become Net Zero before 2040. While we have installed rooftop Solar plants at all our owned campuses, we also plan to procure Renewable Energy (RE) through captive projects at all our owned campuses. Captive or Group captive projects are projects set up by a developer with a minimum equity contribution of 26% from interested consumers (viz. Tech Mahindra) and the RE generated from such projects is consumed by Tech Mahindra as per government norms.

The acquisition would enable the Company to procure 1.5 MW of Solar Energy for its captive consumption at its facilities located in Noida, UP.

Shares of Tech Mahindra Limited was last trading in BSE at Rs. 1041.25 as compared to the previous close of Rs. 1041.00. The total number of shares traded during the day was 20681 in over 1522 trades.

The stock hit an intraday high of Rs. 1044.60 and intraday low of 1031.15. The net turnover during the day was Rs. 21466681.00.

Source : Equity Bulls

Keywords

TechMahindra INE669C01036 Acquisition UpendraSinghMultiTransmission