Bharat Forge on Friday announced that it has made an additional investment of Rs 2.87 crore to use the remaining 8.20 megawatts (MW) solar power from Avaada SataraMH Pvt Ltd (ASPL).
This has reference to our intimation dated November 12, 2020 regarding investment in equity share capital of Avaada SataraMH Private Limited (ASPL) for purchase of solar power as a Group Captive User.
In BSE filing the company said, “… we would like to inform you that the Company had agreed to use in the aggregate 40.70 Megawatt solar power from ASPL and had made an initial equity investment of Rs. 11,37,50,000/‐ (1,13,75,000 equity shares of Rs. 10/‐ each) for use of 32.50 Megawatt solar power.”
“The Company has now agreed to use remaining 8.20 Megawatt solar power. Accordingly, the Company has made further equity investment of Rs. 2,87,00,000/‐ (28,70,000 equity shares of Rs. 10/‐ each) in ASPL. Post this investment the Company now holds 11% stake in ASPL,” it added.
The company has agreed to use a total of 40.70 MW solar power from ASPL. As part of this, it earlier invested about Rs 11.37 crore in ASPL to use 32.50 megawatts, Bharat Forge said in a BSE filing.
“The company has now agreed to use the remaining 8.20 MW solar power. Accordingly, the company has made further equity investment of Rs 2,87,00,000 (28,70,000 equity shares of Rs 10 each) in ASPL,” it said.
After this investment, the company now holds 11 per cent stake in ASPL.
Bharat Forge has presence in automotive, power, oil and gas, and construction sectors