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Hindalco Industries to acquire 26% stake in Cleanwin Energy SIX

The Aditya Birla Group company on Wednesday announced that its board has given approval to make an investment of 71.50 lakh in the equity share capital of Cleanwin Energy SIX.

June 29, 2022 11:05 IST | capital market
The aggregate cost of acquisition is Rs 71,50,000 for acquiring 26% stake in Cleanwin Energy SIX. The company said that it has contributed its initial equity contribution on 30 May 2022. Further the firm will continue to update the project details at later stage, it added. Hindalco Industries said that it is exploring avenues for reducing the energy cost and one of the option available is through open access from renewable energy generators in captive mode. Considering this company intent to invest in wind power generator Cleanwin Energy SIX. Incorporated on 1 December 2021, Cleanwin Energy SIX was registered for the generation of wind power of 5 megawatt (MW). Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the worlds largest aluminium company by revenues, and a major player in copper. It is also one of Asias largest producers of primary aluminium. The companys consolidated net profit rose 99.74% to Rs 3,851 crore on 37.67% rise in net sales to Rs 55,764 crore in Q4 FY22 over Q4 FY21. Shares of Hindalco Industries were down 0.79% to Rs 340.95 on the BSE. Powered by Capital Market - Live News

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