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Hyundai buys 26 per cent in Hyderabad-based power company

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Hyundai buys 26 per cent in Hyderabad-based power company

Hyundai Motor India will pick up 26% equity in FPEL TN Wind Farm, a special purpose vehicle, to source solar and wind power for its factories, for Rs 38 crore.

FPEL TN Wind Farm will establish a solar power plant with a 75 MW capacity and wind power of 42.9 MW capacity in Tamil Nadu.

Subscription of equity shares in the SPV will enable Hyundai to consume solar and wind power as a ‘captive user’ for a term of 25 years from the commercial operations.

Also Read Agro Tech Foods to buy Bharti-backed Del Monte in Rs 1,300-crore share swap Bharat Forge net profit up 13.22 per cent to Rs 361.12 crore Hyundai Motor India Q2 net profit slips 15.5% on sluggish sales but SUVs shine – All eyes on Creta EV launch Mahindra’s profit up 35% in FY25 Q2: SUV sales drive growth

Also ReadRising Rajasthan 2024: Datta Infra signs Rs 5000 crore MoU to develop renewable energy infrastructure in state

Spread over an area of 538 acres, Hyundai plants in the Kancheepuram district, have an annual production capacity of 850,000 cars. In October, Hyundai submitted a pre-feasibility report outlining plans for investments of Rs 1,500 crore.

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