MRF To Pick Up Stake In First Energy 8

MRF Ltd. will be acquiring up to 27.2% of the paid-up equity of Pune-based First Energy 8 Pvt. for approximately Rs 35.9 crore in order to enhance its source of renewable power supply.

“In order to enhance its source of renewable power supply, MRF will acquire and maintain an equity stake (up to 27.2%) in First Energy 8 Private Ltd per the group captive generation mechanism under the Electricity Act,” according to a statement.

The time period for completion of the acquisition via cash consideration is Jan. 31, it said.

First Energy is involved in developing and operating renewable energy-based power plants in India.

Shares of MRF closed 0.44% higher at Rs 1,30,543.60 apiece on the BSE, as compared with a 0.75% fall in the benchmark Sensex.