H.G. Infra Engineering Expands into Solar Power with New Acquisition

H.G. Infra Engineering Limited has announced a significant strategic move by entering into a Memorandum of Understanding (MoU) with Ultra Vibrant Solar Energy Private Limited on July 8, 2024. This MoU outlines the company’s intention to acquire shares or voting rights in project companies, either by incorporating new companies or by purchasing shares of existing companies, specifically for the execution of solar power plant projects.

The acquisition targets the solar power industry, a sector experiencing rapid growth and technological advancements. This strategic decision aligns with H.G. Infra Engineering Limited’s broader business objectives and marks its foray into the renewable energy sector. The primary objective of this acquisition is to facilitate the company’s expansion into the solar power market, thereby diversifying its business portfolio and capitalising on the growing demand for sustainable energy solutions.

H.G. Infra Engineering Limited is committed to investing in the future growth and development of solar power plants. The partnership with Ultra Vibrant Solar Energy Private Limited, a company already active and recognised in the solar power sector, provides a robust foundation for this expansion. Notably, Ultra Vibrant Solar Energy Private Limited has secured new solar projects from Jodhpur Vidyut Vitran Nigam Limited (JDVVNL), with a capacity of 83.02 MW (AC). These projects are proposed to be taken over by H.G. Infra Engineering Limited as part of the acquisition.

While the specific entity to be acquired is yet to be determined, this MoU signifies a strategic alignment between H.G. Infra Engineering Limited and Ultra Vibrant Solar Energy Private Limited. This partnership is expected to bolster the company’s presence in the renewable energy sector and contribute significantly to its business growth.

About H.G. Infra Engineering Limited

H.G. Infra Engineering Limited (HGIEL) is an Indian Road Infrastructure Company that is involved in the business of Engineering, Procurement and Construction (EPC) Services, infrastructure contract works and maintenance of bridges, roads, flyovers, etc.

On July 9, 2024, the share price of H.G. Infra Engineering Limited opened at ₹1,737.00, touching the day’s high at ₹1,798.00, as of 12:23 PM on the NSE.

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.