Welspun Living Limited to invest in Bhargavi Renewable Pvt Ltd

Aligning with the Company objective to be a 100% Renewable energy consumer by the year 2030, the Board of Directors of Welspun Living Limited, has, at its meeting held today, approved after due evaluation of various proposals presented, an equity investment not exceeding Rs. 4.00 Crore for acquiring/maintaining upto ~26.33% equity share capital of Bhargavi Renewable Private Limited ("BRPL"), a Special Purpose Vehicle, for setting up of 18 MWp Ground Mounted Solar Power Plant for supply of power to Vapi facilities which would make the Company's Vapi facilities upto 60% RE by the financial year 2025 with a reduction in the cost of power. The Company proposes to enter in Power Purchase Agreement (with Take or Pay arrangement) with BRPL for supply of renewable power for a period of 25 years with an interest free security deposit upto Rs. 2.15 Crore.

Shares of Welspun Living Limited was last trading in BSE at Rs. 153.55 as compared to the previous close of Rs. 151.75. The total number of shares traded during the day was 415023 in over 5547 trades.

The stock hit an intraday high of Rs. 155.95 and intraday low of 151.75. The net turnover during the day was Rs. 64121227.00.

Source : Equity Bulls

Keywords

WelspunLiving INE192B01031 Investment BhargaviRenewable