Avenue Supermarts has received approval to acquire 26% stake in the equity share capital of FP Ampere Energy, a wholly owned subsidiary of Fourth Partner Energy. To enhance the renewable based power consumption, the Company will acquire and maintain 26% equity stake in FPAEPL throughout the term of the project to maintain captive status as per Electricity Act and Rules thereunder.
The cost of acquisition is up to Rs 2 crore. The Board of Directors at their meeting held on March 16, 2024 has approved the same.
Avenue Supermarts is a Mumbai-based company, which owns and operates DMart stores. D-Mart is an emerging national supermarket chain that offers customers a range of home and personal products under one roof.
