Carborundum Universal to Acquire Minority Stake in Grian Energy; Shares Up 4%

MT Newswires Live09-17 12:36

Carborundum Universal (NSE:CARBORUNIV, BOM:513375) has agreed to acquire a 4.19% stake in Grian Energy from Singapore-based Amplus Energy Solutions for 80 million Indian rupees, according to a Monday filing to the stock exchanges.

This investment will give Carborundum Universal access to the contracted capacity of around 10 MW in the captive power plant of Grian Energy.

The company also entered into a power purchase agreement with Grian Energy to purchase electricity generated by the plant for its captive consumption.

Shares of the company were up 4% in recent trade.

Price (INR): â¹1530.00, Change: â¹+57, Percent Change: +3.85%

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