As part of its efforts to meet ESG targets, Hindustan Zinc acquires 26% of Serentica Renewables, a newly formed company for Rs 350 crore.
The deal must be approved by regulatory authorities before it can be completed.
The company will invest Rs. 350 crore to acquire a 26 percent stake in a special purpose vehicle (SPV), that was established for the execution of RE power projects. This is in response to the long-term power needs of Hindustan Zinc under PDA.
Hindustan Zinc will hold 26 percent of equity in the Serentica Renewables, while affiliated companies will own the rest. According to a BSE, the project will be funded using a 70/30 debt-to-equity basis.
The SPV will help Hindustan Zinc achieve its environmental goals by setting up captive energy plants in India and providing clear vitality for the agency over a longer-term foundation.
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