Steel Strips Wheels Limited has informed the Exchange regarding Outcome of Board Meeting held on April 09, 2026. It is informed that the Board of Directors of the Company in its meeting held today i.e. Thursday, April 9, 2026, inter alia, have approved to execute a Amendment Agreement To Shareholders Agreement with NuPower Renewables Private Limited (holding company of EUPL) and Echanda Urja Private Limited (EUPL), as well as Amendment Agreement to Energy Sale Agreement with EUPL, for further acquiring 37582 equity shares of Face value of Rs. 10/- each of EUPL at a consideration of Rs. 3.76 lakhs. The said acquisition of shares is for the purpose of procuring additional renewable (wind) power from EUPL for the Chennai plant of company under Group Captive Scheme.
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Steel Strips Wheels Limited's Board has approved acquiring an additional 37,582 equity shares (FV Rs. 10/- each) of Echanda Urja Private Limited (EUPL) for Rs. 3.76 lakhs in cash. This is part of amendments to existing Shareholders Agreement and Energy Sale Agreement with EUPL and its holding company NuPower Renewables. The acquisition will increase the company's stake in EUPL from 3.81% to 5.57%, with total investment rising to Rs. 11.91 lakhs. EUPL is a wind power generation company with turnover of Rs. 12,147.73 lakhs (FY 2024-25). The purpose is to procure additional renewable wind power for the company's Chennai plant under the Group Captive Scheme, helping reduce energy costs.
This small strategic investment strengthens the company's renewable energy sourcing for manufacturing operations, potentially reducing power costs. The transaction is not a related party deal and requires no regulatory approvals, expected to complete within 30 days.