CESC Arm Bags Projects Totalling 450 MW From Bhojraj Renewables

Since its founding in 1899, the Calcutta Electric Supply Corporation, or CESC, has had a lengthy and illustrious history. The business has expanded and changed over time to rank among India’s top power utility providers. CESC has extended its operations beyond Kolkata to other regions of West Bengal and even outside the state, all under the direction of Sanjiv Goenka. Along with diversifying its business interests, the company now offers renewable energy sources like solar power. In addition to upholding its commitment to offering its clients high-quality electrical services, CESC, a member of the RP-Sanjiv Goenka Group, also makes contributions to environmental preservation and sustainable development. CESC is positioned to be a major player in India’s power sector for many years to come with a vision for growth and excellence.

CESC Arm Bags Projects Totaling 450 MW From Bhojraj Renewables:

Purvah Green Power Private Limited (PGPPL), a CESC Limited subsidiary, has executed a legally binding term sheet to buy all of Bhojraj Renewables Energy Pvt Ltd’s shares (BREPT). The acquisition is intended to expand renewable energy assets by obtaining approvals for two projects: a 150 MW solar project and a 300 MW wind project. The agreement, signed on October 3, 2024, covers the land purchase, permits, and approvals needed for the development of renewable energy. Approximately nine months will pass before the acquisition is finished, assuming certain project milestones are met. The transaction has a maximum cash consideration of INR 108.56 crore.

BREPT is a renewable energy development company that was incorporated in 2024 and has received approval in principle for a 300 MW connectivity project. The acquisition fits in with CESC’s plan to diversify its sources of renewable energy. In order to investigate prospects in the renewable energy industry, Purvah Green Power Pvt. had earlier on August 21 incorporated three new companies: Ecofusion Power Pvt., Ecovantage Energy Pvt., and Vitalgreen Power Pvt.

Price and performance of CESC shares:

The stock of CESC is currently trading at Rs. 193.51 per share and is gradually rising. It is currently very close to the 52-week high, which is Rs. 212.49 per share. It has increased by 46.01% so far this year and by 112.59% over the previous 12 months. As of now, the day’s total traded volume was 4.45 times higher than the 30-day average. The index of relative strength stood at 64.59.

Conclusion: The CESC arms are expanding their renewable energy projects, which is positive for the long-term growth of the company.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.