Magna Electro Castings has signed the Captive Power Agreement and Share Subscription and Shareholders Agreement with First Energy TN 1 (FETN1PL). The object of acquisition is to comply with the minimum shareholding requirement of 26% by Captive users under Electricity Act, 2003. The Company is already holding 14,40,000 equity shares 6.25% of the Share Capital of FETN1PL in relation to the Solar captive power plant at Sivaganga District. FETN1PL has enhanced its existing solar project in Tamil Nadu. The Board has approved to procure additional 1.1 MWp under the Group Captive Solar Power Expansion Project from FETN1PL and make investment of Rs 39,60,000 in the equity shares of FETN1PL as Captive User.
Post the signing of Share Subscription and Shareholders Agreement, the shareholding percentage of the company is 7.83%.
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.
