MRF Ltd. has entered into a power purchase agreement with First Energy 4 Pvt. Ltd. in order to enhance its source of renewable power supply.
MRF has decided to acquire and maintain an equity stake of up to 19.10% in First Energy 4 Pvt. Ltd. for a cash consideration of ₹13 crore. The transaction is expected to be completed by June, it said in a regulatory filing.
First Energy is engaged in the business of development, construction, operating and maintaining renewable energy-based power plants in India. It is in the process of developing/constructing a ground-mounted, grid solar electric-generating facility in Tuticorin district for solar power with a total installed AC capacity of 38.2 MW.