Tech Mahindra to acquire 26% in Upendra Singh Multi Transmission

27 Oct 2022 , 09:18 AM

Tech Mahindra Limited has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited.

In a regulatory filing, the company said, “Tech Mahindra is signatory to Business Ambition for 1.5°C that commits to contain the rise in global in temperature by 1.5°C. Tech Mahindra has adopted a climate action plan that provides a roadmap for the organization to become Net Zero before 2040.”

It further added, “While we have installed rooftop Solar plants at all our owned campuses, we also plan to procure Renewable Energy (RE) through captive projects at all our owned campuses. Captive or Group captive projects are projects set up by a developer with a minimum equity contribution of 26% from interested consumers (viz. Tech Mahindra) and the RE generated from such projects is consumed by Tech Mahindra as per government norms.”

Further, the acquisition would enable the Company to procure 1.5 MW of Solar Energy for its captive consumption at its facilities located in Noida, UP.

At around 9:18 AM, Tech Mahindra Ltd is currently trading at Rs1,088 per share up by Rs5.45 or 0.5% from its previous closing of Rs1,082.55 per share on the BSE.

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