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Finolex Industries to Acquire 15.30% Stake in Hinduja Renewables for Solar Power Procurement

20 Mar 2024 , 11:58 PM

Finolex Industries shares declined over 1% to ₹222 in morning trade on March 4. The company entered a share purchase agreement with Hinduja Renewables One Pvt Ltd and Hinduja Renewables Energy Pvt Ltd for solar power procurement.

Finolex to acquire 15.30% equity share capital of HROPL for group captive generation, allowing it to procure 8.36 MW of green power for 25 years.

The agreement includes an option for Finolex to sell the shares at face value to HROPL or its nominee after the 25-year lock-in period. The company will invest around ₹3.14 Crore to subscribe to the equity share capital of HROPL.

HROPL is engaged in developing, constructing, operating, and maintaining renewable energy-based power plants in India. Finolex Industries reported a 20% YoY rise in net profit at ₹95.4 Crore for Q3, with a 9.3% increase in revenue from operations to ₹1,019.7 Crore. EBITDA showed a significant growth of 30.6%, reaching ₹120 Crore in Q3 compared to ₹91.9 Crore in the same period last year.

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