Hyundai Motor India Limited (HMIL) will set up two renewable energy plants at its automobile manufacturing unit in Tamil Nadu. Hyundai Motor India on Thursday said this is in line with the company’s policy to use 100 percent renewable energy in manufacturing operations by 2025. Hyundai said in a statement that the company has entered into a power purchase and shareholder agreement with Fourth Partner Energy Limited (FPEL) for the purpose of setting up a 75 MW solar plant and a 43 MW wind power plant to meet its renewable energy needs. Have signed.
FPEL will have 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 26 percent equity stake and FPEL will have 74 percent equity stake in this project. The company said that this long term deal will ensure supply of renewable energy to Hyundai Motor India for 25 years.
Hyundai Motor India Limited will 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 Time 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 towards 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 on Thursday, Hyundai India shares closed at Rs 1826.00 with a fall of Rs 3.05 (0.17%). Whereas today the shares started trading with a big fall at Rs 1793.25. The 52 week high of the company’s shares is Rs 1968.80 and 52 week low is Rs 1688.25. According to BSE data, the current market cap of the automobile company is Rs 1,48,370.00 crore.
