Automotive Axles to invest Rs2.40cr for 26% stake in Parola Renewables

8 Feb 2022 , 12:50 PM

Automotive Axles Limited would be investing Rs2.40cr for 26% stake in equity shares of Parola Renewables Private Limited. The indicative time period for completion of acquisition June 30, 2022

This investment is for the company to avail solar power from Parola Renewables for its units situated at Hootagalli Industrial Area, Off Hunsur Road, Mysore-570018, Karnataka.

“Parola Renewables is engaged in the business of providing solar power solutions for captive consumption of commercial and industrial customers in India. Date of Incorporation:28-12-2021. Turnover of last 3 years: The Company is in the process of setting up the project. There is no revenue from operations,” company said in a filing on Monday.

At around 12.52 pm, Automotive Axles Ltd was trading at Rs1,533.90 per share up by Rs6.95 or 0.46% from its previous closing of Rs1,526.95 per share on the BSE.