Grindwell Norton Limited and Radiance MH Sunrise Thirteen Private Limited Mutually Agree to Terminate Agreements
Grindwell Norton Limited has announced the mutual agreement of the parties to terminate their existing agreements with Radiance MH Sunrise Thirteen Private Limited. This decision follows previous disclosures made on July 18, 2024, and September 13, 2024.The termination concerns agreements related to sourcing green energy through the arrangement, with Radiance MH Sunrise Thirteen Private Limited identified as the Power Producer Company and Grindwell Norton Limited as the Captive User.
The nature of the agreements slated for termination included a Power Purchase Agreement and a Share Subscription Agreement for sourcing green energy from the Power Producer Company via a Solar power generation plant. The original date of execution for these agreements was April 9, 2026.
The rationale provided for the termination is that the intended purpose is no longer viable due to the Power Producer Company's inability to meet the objective of starting to supply green energy as per the Commercial Operation Date specified under the Power Purchase Agreement.
According to the details provided, the termination does not result in any material impact on the financials and/or operations of Grindwell Norton Limited.
A table summarizing the key details of the termination is provided below:
| Particulars | Details |
|---|---|
| Name of parties to the agreement | Radiance MH Sunrise Thirteen Private Limited ('Power Producer Company') and Grindwell Norton Limited ('Captive User') (parties agreed on sourcing of green energy under Group Captive through this arrangement) |
| Nature of the agreement | Power Purchase Agreement and Share Subscription Agreement for sourcing of green energy from Power Producer Company through Solar power generation plant |
| Date of execution of the agreement | April 9, 2026 |
| Details of amendment and impact thereof or Reasons of termination and impact thereof | The intended purpose is no longer viable due to inability of Power Producer Company to attain the objective to start supplying the green energy as per Commercial Operation Date under Power Purchase Agreement. Consequently, the parties have mutually agreed to terminate the Agreements There is no material impact on financials and/or operations of the Company due to the termination |
GRINDWELL Stock Price Movement
Shares of Grindwell Norton Limited today slipped by 0.34% to settle at ₹1492.4. The equity recorded a trading volume of 17,818 shares, shedding ₹5.10 from its opening level.Source:
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