MRF Acquires Stake in First Energy 4 Pvt. Ltd:
MRF Limited Expands into Solar Power Sector, Enters Purchase Agreement with First Energy 4 Pvt Ltd
MRF Limited, one of India’s leading tyre manufacturers, has made a significant move towards renewable energy by announcing its entry into the solar power sector. In a recent disclosure to the Bombay Stock Exchange (BSE), the company revealed that it has entered into a purchase agreement with First Energy 4 Pvt Ltd to acquire solar power. Under this agreement, MRF will be acquiring up to 19.10% of the paid-up equity of First Energy 4 Pvt Ltd, and this equity will be held throughout the duration of the power purchase agreement.
MRF Limited Partners with First Energy 4 Pvt Ltd for Solar Power Procurement
In compliance with the SEBI Regulations, MRF Limited has entered into an agreement with First Energy 4 Pvt Ltd for the procurement of solar power. The leading tyre manufacturer made this announcement in a filing with the Bombay Stock Exchange (BSE). As part of the deal, MRF will acquire a significant stake of up to 19.10% in the equity of First Energy 4 Pvt Ltd, aligning its interests with renewable energy ventures.
Introducing First Energy 4 Pvt Ltd: An Overview
Curious about the company with which MRF Limited is entering into a significant equity acquisition? First Energy 4 Pvt Ltd is a registered entity under the Companies Act, 2013, with its headquarters located on the 6th Floor, Office No. 601, Cello Platina F.e. Road Shivajinagar, Pune, Maharashtra- 411 005. The company specializes in the development, construction, operation, and maintenance of renewable energy-based power plants across India. This strategic partnership with MRF Limited marks a significant milestone in their journey toward sustainable energy solutions.
MRF Limited Ventures into Solar Power Generation with Ottapidaram Facility
MRF Limited has set its sights on sustainable power generation by initiating the development and construction of a ground-mounted, grid solar electric generating facility in Ottapidaram, Tuticorin District, Tamil Nadu.
This facility will have an impressive installed AC capacity of 38.2 MW AC, bolstering India’s renewable energy infrastructure. In its recent filing to the BSE, MRF confirmed that the acquisition of First Energy 4 Pvt Ltd will play a crucial role in supporting this ambitious solar power project.
The completion of the acquisition is expected by June 2023, with a cash investment of Rs 13.09 crore towards subscribing to the equity share capital of the company. MRF aims to acquire 19.10% of the paid-up equity capital of First Energy 4 Pvt Ltd, solidifying its commitment to a greener and sustainable future.
About MRF:
Headquartered in Chennai, Tamil Nadu, India, Madras Rubber Factory (MRF) stands as the leading Indian multinational in the tyre manufacturing industry. With a rich legacy and renowned expertise, MRF has earned its reputation as the largest tyre manufacturer in India. Specializing in the production of high-quality tyres, MRF has become a trusted name both domestically and internationally.
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