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Hindalco Industries, a major aluminium producer, will invest in Cleanwin Energy SIX, a cash deal worth Rs 71.5 lakh. The company announced this in a regulatory filing sent to the exchanges Wednesday.
The company is looking at ways to reduce energy costs through open access renewable energy generators.
Cleanwin Energy, which was incorporated on December 1, 2021 for the generation and maintenance of wind power at 5 MW, was registered.
The filing stated that the aluminium giant will own a 26% stake in the renewable energy company after the deal is completed.
“Company contributed its initial equity contribution to the project on 30 May 2022. The filing stated that Company would continue to update project details at a later stage.