Ircon International surged 1.52% to Rs 90 after the company signed a pact with NIIFL, Ayana Power to explore opportunities in solar energy.
Shares of Ircon have gained 6.2% in four trading sessions.IRCON after market hours on 1 June 2020 (Monday) announced that it has signed a Memorandum of Understanding (MoU) with National Investment and Infrastructure Fund (NIIFL) and Ayana Renewable Power (AYANA), a NIIF platform company to explore and collaborate on opportunities in the solar energy sector.
According to the MOU, NIIFL and IRCON will evaluate strategic partnerships across infrastructure projects and will identify, bid and execute solar energy projects through joint ventures/consortium arrangements. The partnership will further consider suitable opportunities for solar energy production for Indian Railways.
Commenting on the newly signed MOU, S. K. Chaudhary, Chairman & Managing Director, IRCON, said, "Through this collaboration, we are diversifying our business in solar energy sector. Further, this collaboration is aligned with Government of India's policies on renewable energy sector and we believe solar energy sector has enormous opportunities. We hope our association with AYANA and NIIFL to explore projects in solar energy sector will be rewarding to all stakeholders".
Ircon International is a Miniratna (Category - I) Schedule A Public Sector Enterprise and a leading turnkey construction company in the public sector.
As of 31 March 2020, the Government of India held 89.18% stake in IRCON International.
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