Indian Metals & Ferro Alloys Terminates Major Power Purchase Agreement with Ampin Energy Utility One
Indian Metals & Ferro Alloys Limited has announced the mutual termination of its Power Purchase Agreement (PPA) and a related Share Subscription and Shareholders Agreement (SSHA) with Ampin Energy Utility One Private Limited. The termination, effective May 14, 2026, was attributed to delays in the Project delivery timeline and overall project approvals.The agreements that were terminated included the PPA, which was dated May 27, 2025, and the SSHA, dated June 12, 2025. These agreements were originally set up to facilitate the supply of 40 MW of hybrid renewable power to the company, featuring a solar capacity of 58 MW AC and a wind capacity of 58 MW.
Prior to the termination, IMFA had made an investment into the Power Producer through the SSHA. The company subscribed 1,23,20,000 equity shares of Rs. 10 each, resulting in an aggregate consideration of Rs. 12.32 Crore and establishing a 4.36% equity participation in Ampin Energy Utility One Private Limited. Under the terms of the termination agreement, this initial investment amount is slated to be refunded to IMFA by the Power Producer.
| Investment Detail | Value | Percentage Stake |
|---|---|---|
| Shares Subscribed | 1,23,20,000 | 4.36% |
| Issue Price per Share | Rs. 10 | N/A |
| Aggregate Consideration | Rs. 12.32 Crore | N/A |
Looking ahead, Indian Metals & Ferro Alloys Limited confirmed that it is actively engaged in advanced discussions with another hybrid renewable energy developer. The company expects to sign binding documents related to a new project in the first quarter of the next financial year (Q1 FY27).
IMFA Stock Price Movement
Indian Metals & Ferro Alloys Limited shares rallied today, closing higher by 1.90% to settle at ₹1500. The move was supported by significant trading activity, registering a volume of 210,466 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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