Grasim Industries hits 52-week high after execution of supplemental SSA with Renew for 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.

Oct 13, 2021 03:10 IST India Infoline News Service

Grasim Industries Ltd has informed that the Company 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).

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 August 07, 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, said company in a regulatory filing.

Further, Capital of Renew Surya Uday Private Ltd will be Rs55.81cr which will be contributed by Grasim Rs14.51cr (26%) and by Renew Rs41.30cr (74%) in phases.

This is further to the agreement dated August 07, 2021 for capital of Rs58.89cr contributed by Grasim Rs15.31cr (26%) and by Renew Rs43.58cr (74%).

Total Capital will be Rs114.70cr and Grasim will contribute Rs29.82cr and Renew will contribute Rs84.88cr for combined capacity for the Wind-Solar Hybrid power plant to be 34.28 MW.

During the closing hours of markets, Grasim Industries was trading at Rs1,673.35 apiece up by Rs36.75 or 2.25% on Sensex. The scrip hits 52-week high at Rs1712.65 per piece on Wednesday.

Related Story

Open Free Demat Account (Rs699)