Alicon Castalloy Ltd enters into agreement for purchase of solar power on captive consumption

Alicon Castalloy Ltd has entered into an agreement with Radiance MH Sunrise Eight Pvt. Ltd. and Radiance Renewables Pvt. Ltd. for subscribing 10.40% of the Equity Capital of Radiance MH Sunrise Eight Private Limited. The Company has also entered into Power Purchase Agreement with the Radiance MH Sunrise Eight Pvt. Ltd. for purchase of solar power on captive consumption at the Company's Shikrapur Plant in Pune.

Radiance MH Sunrise Eight Pvt. Ltd. is a subsidiary of Radiance Renewables Pvt. Ltd., formed for the purpose of generation and supply of solar power.

Radiance Mh Sunrise Eight Private Limited. A special purpose vehicle formed for the purpose of setting up 5 MV solar power projects in the state of Maharashtra, in terms of the regulatory requirement of captive power consumption under electricity laws. Radiance Mh Sunrise Eight Private Limited is engaged in the business of developing, owning and operating renewable energy infrastructure for supplying electrical power generated using solar energy and other sources of renewable energy to commercial and industrial customers.

Shares of Alicon Castalloy Limited was last trading in BSE at Rs. 996.30 as compared to the previous close of Rs. 989.25. The total number of shares traded during the day was 11398 in over 1647 trades.

The stock hit an intraday high of Rs. 1037.45 and intraday low of 990.55. The net turnover during the day was Rs. 11622139.00.

Source : Equity Bulls

Keywords

AliconCastalloy INE062D01024 Agreement SolarPower Purchase CaptiveConsumption