Hindalco's board nods acquisition of 26% stake in Cleanwin Energy; stock trades flat

29 Jun 2022 , 01:49 PM

Hindalco Industries Limited’s Board of Directors has approved to make an investment in the equity share capital of M/s Cleanwin Energy SIX LLP.

Cleanwin Energy belongs to the Renewable Energy generation industry. It is a registered Limited Liability Partnership (LLP) for the generation of wind power of 5 MW.

The company is looking into ways to reduce energy costs, and one option is to open up access to renewable energy generators in captive mode. Given this, the company intends to invest in a wind power generator Cleanwin Energy LLP.

The cost of acquisition of the said company is Rs71.50 lakh, payable in cash, for 26% of the equity share capital of Cleanwin Energy.

On May 30, 2022, the company made its initial equity contribution.

At around 1.54 PM, Hindalco Industries was trading at Rs342.50 down by Rs1.15 or 0.33% from its previous closing of Rs343.65 on the BSE. The scrip touched intraday high and low of Rs344.65 and Rs335.20 respectively.