AIA Engineering has executed share purchase agreement with Clean Max Enviro Energy Solutions to acquire 26% stake in Clean Max Meridius (CMPL) for setting up a captive Hybrid (solar & wind) power project in Gujarat.
The company will also sign and execute energy supply agreement with CMPL for supplying contracted hybrid (solar & wind) energy to the company as a captive user.CMPL incorporated on 24 August 2022, is a special purpose vehicle to setup hybrid power generation facilities in Gujarat.
AIA Engineering plans to offtake the contracted quantity of electricity generated from the project as a captive user under intrastate open access arrangement for its manufacturing units in Gujarat in view of significant financial/commercial benefits.
Post acquisition of 2,600 equity shares, CMPL will become associate company of AIA Engineering. The transaction is expected to complete within 90 days from the date of signing of the share purchase agreement.
AIA Engineering is primarily involved in the manufacturing of High Chrome Mill Internals. The company's consolidated net profit rose 77.9% to Rs 244.81 crore on 50.6% jump in net sales to Rs 1311.59 crore in Q2 FY23 over Q2 FY22.
The scrip declined 2.74% to Rs 2,635.85 on the BSE.
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