Concord Biotech to acquire 27.38% stake in FSGE Renewable Power for Rs 6.3 Cr
CONCORDBIO · price
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Concord Biotech will invest Rs 6.3 Cr in cash to acquire 27.38% equity in FSGE Renewable Power Pvt Ltd, an SPV setting up a 6.3 MW wind plus 6.3 MW solar hybrid power project in Gujarat for the company's Limbasi facility. FSGE will become an associate company. The deal is a related party transaction at arm's length. FSGE has not yet started commercial operations. Shares to be allotted within 60 days. Aim is to cut energy costs and reduce carbon footprint.
Strategic step to secure captive renewable power for Limbasi plant, lower long-term energy costs, and meet sustainability goals. Small ticket size relative to Concord's scale.