Announced Thu, 13 Aug · 12:55 IST
Mahamaya Steel to acquire 350 acres of land for solar power plant
MAHASTEEL · price
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Price reaction · full curve 14 horizons · vs prior close
+5.5%1-day move
₹1000.00
prior close
₹1001.10
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AI summary
Board of Mahamaya Steel Industries approved acquiring about 350 acres of land in Janjgir-Champa, Chhattisgarh for around Rs. 70 Crores. The land will be used to set up a solar power plant for captive consumption in its steel manufacturing operations. Expected completion by July 2027. The move aims to reduce power costs and enter renewable energy.
Likely market impact
Positive step toward cost reduction and renewable energy; Rs. 70 Cr capex for solar plant expected by July 2027.