At meeting held on 27 July 2021
The Board of Godawari Power & Ispat (GPIL) at its meeting held on 27 July 2021 has approved investment up to Rs.70.20 crore for acquisition of additional equity shares proposed to be offered by Hira Ferro Alloys (HFAL) on preferential basis to GPIL, subject to approval of shareholders of HFAL.HFAL is an Associate Company of GPIL, in which GPIL is already holding 48.45% of the equity shares. Consequent upon aforesaid further investment, HFAL will become subsidiary of Company with 56.45% of enhanced share capital of HFAL.
HFAL, engaged in the business of manufacturing of Ferro Alloys is setting up of a 70 MW Solar Power Plant in the Rajnandgaon, Chhattisgarh for its captive use with a project cost envisaged at Rs.230 crore. The Project will be financed partially through equity and partially through bank finance.
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