Hindalco To Buy 26% Stake In Renewable Energy Firm Cleanwin
Aluminium major Hindalco Industries will invest in the renewable energy generation company Cleanwin Energy SIX -- in a cash deal -- worth Rs 71.5 lakh, the company said in a regulatory filing to the exchanges on Wednesday.
The proposed deal is part of the company's avenues in reducing the energy cost through open access to renewable energy generators.
Incorporated on December 1, 2021, Cleanwin Energy was registered for the generation of wind power of 5 MW.
Post completion of the deal, the aluminium major will have a 26 per cent stake in the renewable generation company, the filing said.
"Company has contributed its initial equity contribution on 30th May 2022. Further Company will continue to update the project details at a later stage," the filing said.
At 10.16 a.m., the shares of Hindalco Industries traded at Rs 341.65, down 0.6 per cent from Tuesday's closing.
