Grasim Industries Limited executes supplemental SSA with Renew for power purchase agreement

Grasim Industries Limited has executed a Supplemental Share Subscription Agreement with Renew Green Energy Solutions Private Limited (Renew) & Renew Surya Uday Private Limited and Power Purchase Agreement with Renew Surya Uday Private Limited (Power Producer). This is further to the intimation dated 7th August 2021 for Execution of Share Subscription and Shareholders’ Agreement and Power Purchase Agreement.

The purpose of entering into the agreement is to operate and maintain 16.68 MW Wind-Solar Hybrid power plant in the State of Gujarat (the “Project”) wherein the power generated will be supplied exclusively to Grasim under the Captive Rules. The Project will be operated by Renew Surya Uday Private Ltd (Power Producer).

This is further to the agreement dated 7th August 2021 to operate & maintain 17.6 MW Wind-Solar Hybrid power plant. Combined capacity for the Wind-Solar Hybrid power plant to be 34.28 MW.

Capital of Renew Surya Uday Private Ltd will be Rs. 55.81 Crore which will be contributed by Grasim Rs. 14.51 Crore (26%) and by Renew Rs. 41.30 Crore (74%) in phases.

This is further to the agreement dated 7th August 2021 for capital of Rs 58.89 Crore contributed by Grasim Rs 15.31 Crore. (26%) and by Renew Rs 43.58 Crore (74%).

Total Capital will be Rs 114.70 Crore and Grasim will contribute Rs 29.82 Crore and Renew will contribute Rs 84.88 Crore for combined capacity for the Wind-Solar Hybrid power plant to be 34.28 MW.

Shares of Grasim Industries Limited was last trading in BSE at Rs. 1636.60 as compared to the previous close of Rs. 1651.40. The total number of shares traded during the day was 1076499 in over 1817 trades.

The stock hit an intraday high of Rs. 1664.35 and intraday low of 1629.05. The net turnover during the day was Rs. 1765890836.00.

Source : Equity Bulls

Keywords

GrasimIndustries RenewGroup INE047A01021 SupplementalAgreement ShareSubscription