hyundai Motor India Limited (HMIL) will set up two renewable energy plants at its automobile manufacturing unit in Tamil Nadu. Hyundai Motor India said on Thursday that this is in line with the company’s policy of using 100 per cent renewable energy in manufacturing operations by 2025. Hyundai said in a statement that the company has entered into a power purchase agreement and of shareholders with Fourth Partner Energy Limited (FPEL) to establish a 75 MW solar plant and a 43 MW wind power plant to meet its renewable energy needs. They have signed.
FPEL will have a 74 percent equity stake in the project.
The company said these facilities will be operated under the group’s own umbrella, with a special unit (SPV) formed for engineering, procurement, construction, operation and maintenance. Hyundai Motor India will have a 26 per cent equity stake and FPEL will have a 74 per cent equity stake in this project. The company said this long-term agreement will ensure supply of renewable energy to Hyundai Motor India for 25 years.
Hyundai Motor India Limited to invest Rs 38 crore
“Under this partnership, HMIL will invest Rs 38 crore to set up these renewable energy plants in Tamil Nadu,” Hyundai Motor India said. Gopalakrishnan Chatpuram Sivaramakrishnan, Whole Director and Chief Manufacturing Officer, Hyundai Motor India, said, “This partnership is an important milestone in the journey of Hyundai Motor India Limited and reaffirms our commitment to the environment. Our collaboration with FPEL will help us achieve the RE 100 benchmark by 2025.”
Hyundai Motor India shares fall
Let us tell you that Hyundai India shares closed at Rs 1,826.00 on Thursday down by Rs 3.05 (0.17%). While today the shares started trading with a big drop at Rs 1,793.25. The company’s stock’s 52-week high is Rs 1,968.80 and 52-week low is Rs 1,688.25. According to BSE data, the current market capitalization of the automobile company is Rs 1,48,370.00 crore.
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