Ircon International gains on incorporating subsidiary, Ircon Renewable Power for Rs 3.80 cr

14 Jan 2022 , 10:59 AM

Ircon International has subscribed to 38,00,000 equity shares of Rs 10 each aggregating to Rs 3,80,00,000. Ircon International holds 76% shareholding in Ircon Renewable Power while the remaining 24% shareholding is owned by Ayana Renewable Power. Ircon Renewable Power has an authorised share capital of Rs 5 crore.

The company reported a 49.8% increase in consolidated net profit to Rs 125.94 crore on a 46.4% rise in net sales to Rs 1,523.19 crore in Q2 FY22 over Q2 FY21.

IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 30 September 2021, the Government of India held 73.18% stake in the company.

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