Mahamaya Steel Industries Acquires 350 Acres for Captive Solar Power Plant in Chhattisgarh
Mahamaya Steel Industries Limited (MSIL) has moved forward with its renewable energy initiative, approving the acquisition of approximately 350 acres of land in Chhattisgarh. The property is designated for setting up a captive Solar Power Plant intended to supply electricity to the company’s steel manufacturing operations.The Board of Directors approved the purchase of the land located in District Janjgir-Champa, which will serve as the foundation for the solar energy generation facility. The total consideration for this significant acquisition stands at approximately Rs. 70 Crores.
This strategic move is a core component of MSIL’s commitment to renewable energy and aims directly at reducing power costs associated with steel manufacturing operations.
The details concerning the land acquisition, which is not classified as a Related Party Transaction, are summarized below:
| Particulars | Details |
|---|---|
| Land Size / Area | 350 Acres |
| Location | District Janjgir-Champa, Chhattisgarh |
| Acquisition Cost | Approximately Rs. 70 Crores |
| Industry Focus | Renewable Energy (Solar Power Generation) |
| Purpose of Acquisition | Setting up a Solar Power Plant for Captive Consumption in the Company's Steel Manufacturing Operations |
The acquisition aligns with MSIL’s broader strategy to transition towards sustainable practices and mitigate operational costs. The company indicated that applicable approvals necessary for setting up the Solar Power Plant will be obtained as required, and the project is expected to be completed by July 2027.
MAHASTEEL Stock Price Movement
Shares of Mahamaya Steel Industries Limited are edging higher to ₹1005 as of 3:23 PM, gaining 1.05% in live trading. The stock has maintained a narrow intraday range, touching a high of ₹1010 and seeing a low of ₹953 during the session so far.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.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.