Isgec Heavy Engineering has entered into a Solar Power Purchase Agreement and Share Subscription and Shareholders' Agreement, to acquire 26% equity shares of FPEL HR1 Energy, engaged in the Business of generation and supply of solar power energy from its Captive Solar Power Plant located at Sirsa District, Haryana.
The acquisition of shares is for the purposes of meeting the company's green energy needs, and optimizing energy cost. Cost of acquisition is Rs 2.24 crore. The said acquisition is expected to be completed in 60 days from the date of execution of Solar Power Purchase Agreement and Share Subscription and Shareholders Agreement.
Isgec Heavy Engineering is a multi-product, multi-location public company that has been providing engineering solutions to customers around the world for the past many years.
