Automotive component supplier Mahindra CIE Automotive Ltd informed the exchnage that it has invested ₹24.26 million in Strongsun Solar Private Limited.
This will enable Mahindra to qualify as a captive power producers and leverage economies of scale in power tarriffs.
The autocomp maker said in a filing that ‘on 12th December, 2022 has invested INR 24.26 Million towards subscription of 3,03,250 equity shares of INR 10/- each of Strongsun Solar Private Limited (“Strongsun”) which will constitute 27.35% of the post-issue paid-up capital of Strongsun.’
Strongsun is setting up two captive generating plants to supply solar power to the Mahindra CIE Automotive foundry division at Urse (7 MWp) and at Bhosari (3 MWp) respectively.