Ircon International incorporates SPV Ircon Renewable Power; Stock up 1%

14 Jan 2022 , 12:03 PM

Ircon International Limited has incorporated a subsidiary and Joint Venture Company named ‘Ircon Renewable Power Limited’ on Thursday as a Special Purpose Vehicle (with 76% shareholding of Ircon International Limited and 24% shareholding of Ayana Renewable Power Private Limited) for setting up of 500 MW Grid Connected Solar PV Project awarded by Indian Renewable Energy Development Agency Limited.

The Company has subscribed to 38 lakh equity shares of Rs10 each aggregating to Rs3.80cr.

“Ircon Renewable Power Limited is promoted by Ircon International Limited & Ayana Renewable Power Private Limited (Promoters) and being a Subsidiary and JV Company, is a related party of the promoters,” company said in a filing on Thursday.

At around 12.06 PM, Ircon International Ltd was trading at Rs47 per piece up by Rs0.45 or 0.97% from its previous closing of Rs46.55 per piece on the BSE.