Mahindra CIE Automotive Limited previously announced that it would invest up to Rs. 33.50 million, which equates to at least 26% of the capital post-issuance of Strongsun Solar Private Limited. This is to optimize power costs and increase green energy consumption at various power-intensive plants of the Company.
On 12 December 2022, the Company invested INR 24.26 million towards subscription to 3,03,250 equity share of Strongsun Solar Private Limited (Strongsun), which will make up 27.35% of Strongsun’s post-issue capital.
Strongsun is setting up two captive generating plants of the capacity of 7 MWp and 3 MWp to supply solar power to Company’s Foundry Division at Urse (7.MWp) and Magnetics Products Division of Bhosari (3 MWp).
To qualify as a captive customer, the Company must own at least 26% of the Power Generating Plants’ total equity capital.
The investment is therefore primarily to be able to claim the captive consumer status and optimize the power costs at the plants.
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