Mahindra CIE Automotive Ltd invests in Strongsun

Mahindra CIE Automotive Limited had earlier announced about investment of upto Rs. 33.50 Million aggregating to at least 26% post issue paid-up capital of Strongsun Solar Private Limited to optimize the power cost and increase the consumption of green energy at various power intensive plants of the Company.

The Company today i.e., 12th December, 2022 has invested INR 24.26 Million towards subscription of 3,03,250 equity shares of INR 10/- each of Strongsun Solar Private Limited ("Strongsun") which will constitute 27.35% of the post-issue paid-up capital of Strongsun.

Strongsun is setting up two captive generating plants of the capacity of 7 MWp and 3 MWp to supply captive solar power from these plants to Company's factory of Foundry Division at Urse (7 MWp) and Magnetics Products Division at Bhosari (3 MWp) respectively.

In order to qualify as a captive consumer, the Company must hold atleast 26% of the total equity capital of the Power Generating Plant(s).

Accordingly, the investment is essentially to qualify as a captive consumer and thereby optimizing the power cost at the plants.

Shares of Mahindra CIE Automotive Limited was last trading in BSE at Rs. 286.60 as compared to the previous close of Rs. 285.20. The total number of shares traded during the day was 16471 in over 958 trades.

The stock hit an intraday high of Rs. 289.95 and intraday low of 282.05. The net turnover during the day was Rs. 4704558.00.

Source : Equity Bulls

Keywords

MahindraCIEAutomotive INE536H01010 Investment StrongsunSolar GreenEnergy CaptivePower