Hg Infra Engineering Steps Into Renewable Energy With H.G. Renewable Energies Subsidiary Launch

On June 4, 2024, H.G. Solar Projects Private Limited, a company fully owned by H.G. Infra Engineering Limited, established a new subsidiary called H.G. Renewable Energies Private Limited.

The acquisition could be classified as a related party transaction since the investment is made in a step-down subsidiary, H.G. Renewable Energies Private Limited, wholly owned by H.G. Solar Projects Private Limited, a wholly owned subsidiary of H.G. Infra Engineering Limited. Mr Vaibhav Choudhary and Mr Harshvardhan Singh, directors of H.G. Renewable Energies Private Limited, are associated with the promoter and promoter group of the Company.

H.G. Renewable Energies Private Limited operates within the Solar Power/Renewable Energy sector. The acquisition of this entity aligns with the company’s focus on expanding its presence in this industry. H.G. Renewable Energies Private Limited’s primary objective is to conduct business activities related to Solar Power/Renewable Energy. However, since it is a newly established company, there is currently no discernible impact on the Company resulting from this acquisition.

Details of Acquisition

The acquisition involves a cash consideration, with H.G. Solar Projects Private Limited subscribing to the share capital of H.G. Renewable Energies Private Limited at a total initial cost of ₹1,00,000. This capital subscription is divided into 10,000 equity shares valued at ₹10. Consequently, H.G. Solar Projects Private Limited, a wholly-owned subsidiary of the Company, obtains complete control, acquiring 100% of the shareholding in H.G. Renewable Energies Private Limited.

About H.G. Renewable Energies Private Limited

H.G. Renewable Energies Private Limited was incorporated on May 31, 2024, receiving its certificate of incorporation from the Registrar of Companies, Central Registration Centre, on June 03, 2024, under the Companies Act, 2013 provisions. The company, based in the State of Rajasthan, specialises in the Solar Power/Renewable Energy sector, with its primary objective being to conduct business activities in this field. The company has not generated any turnover as it has not initiated its business operations.

On June 4, 2024, the share price of HG Infra Engineering Ltd opened at ₹1,530.20, touching the day’s high of ₹1,535.95 as of 03:30 PM on the NSE.

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