Magna Electro Castings has received approval to make investment in equity shares of First Energy TN1 (FETN1PL), a special purpose entity formed for purpose of setting up captive power plants.
The objective of acquisition is to comply with the minimum shareholding requirement of 26% by Captive users. The Company is already holding 14,40,000 equity shares 6.55% of the Share Capital of FETN1PL in relation to the Solar captive power plant at Sivaganga District. FETN1PL, is enhancing its existing solar project in Tamilnadu. The Board has approved to procure additional 1MWp for the existing Solar Power plant and make investment in equity shares of FETN1PL as Captive User.
The Board of Directors of the Company at their meeting held on May 29, 2024 has inter alia considered and approved the same.
Magna Electro Castings 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.
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