Manali Petrochemicals Ltd (MPL) will pick up a minor stake in Pune-based First Energy Pvt Ltd (FEPL), a Thermax group company, for procurement of power (solar and wind) under a captive generation scheme. The transaction is for a cash consideration of ₹3.56 crore.
As per a regulatory filing, MPL has entered into a captive power agreement with First Energy 5 Pvt Ltd., a subsidiary of FEPL on July 3 for procurement of “wind power” under the captive generation scheme. MPL will be investing up to 3.08 per cent initially and will hold 2.59 per cent of the paid-up equity of FEPL upon commissioning of the project during the tenure of the said agreement. The transaction is for a consideration of ₹2.48 crore.
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MPL has also entered into a captive power agreement with First Energy 6 Pvt Ltd., a subsidiary of FEPL for procurement of solar power under the captive generation scheme and will be investing up to 3 per cent initially and will hold 2.43 per cent of the paid-up equity of FEPL upon commissioning of the project during the tenure of the said agreement.
First Energy 5 Pvt Ltd and First Energy 6 Pvt Ltd are special purpose companies engaged in development, construction, operating, and maintaining renewable energy based power plants in India.
The entities are in the process of developing a ground-mounted, grid-connected power generating facility at Ottapidaram in Tamil Nadu with a total installed capacity of 39MW AC (wind energy) and 33.15 MW DC (Solar energy). Both facilities are yet to start commercial production.
Shares of Manali Petrochemicals closed flat at ₹67.30 on NSE on Tuesday.
Manali Petrochemicals is part of AM International Holdings Pvt Ltd. Recently, another portfolio company of the group, Tamil Nadu Petro Products Ltd., also signed an agreement to pick up 2.73 per cent of paid-up equity capital of Dalavaipuram Renewables Pvt Ltd to meet the requirement of captive power generation.