Magna Electro Castings has entered into a share purchase and shareholders agreement with First Energy for acquisition of 7.8% of paid up share capital in First Energy TN 1. The object of acquisition of 7.8% shares is to comply with the minimum shareholding requirement of 26% under the captive project rules along with other captive users. The transaction is expected to be completed by June 30, 2022, subject to achieving agreed milestones as per the agreement. The cost of acquisition is not exceeding Rs 1.5 crore.
Magna Electro Castings Limited is engaged in the manufacture and selling of ductile, grey and SiMo castings in the weight range of 800 grams to 500 kilograms per piece. The Company also supplies machined castings.
