Magna Electro Castings Ltd. Signs Captive Power Agreement and Share Subscription Agreement
Magna Electro Castings Limited announced on March 30, 2026, that it has executed a Captive Power Agreement and a Share Subscription and Shareholders Agreement with First Energy TN 1 Private Limited (FETN1PL). The agreements were signed on March 30, 2026, at 4:00 P.M. IST.FETN1PL, incorporated on January 29, 2022, has a registered office in Pune and a paid-up share capital of Rs. 23.04 Crores. The company operates in the energy industry, specifically solar power.
The acquisition is intended to comply with minimum shareholding requirements under the Electricity Act of 2003. Magna Electro Castings Ltd. already holds 14,40,000 equity shares, representing 6.25% of the share capital of FETN1PL, related to a solar captive power plant. The company will invest Rs. 39,60,000 in equity shares of FETN1PL, increasing its shareholding to 7.83%. This investment will procure an additional 1.1 MWp under a Group Captive Solar Power Expansion Project.
The total consideration for the acquisition is Rs. 39.60 Lakhs. The transaction does not constitute a related-party transaction.
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