Carborundum Universal Picks Up 4.2% Stake In Grian Energy For Captive Solar Use

Carborundum Universal Ltd. has invested ₹79.6 million in Grian Energy Pvt. Ltd., acquiring a 4.2% stake to secure captive solar power supply, the company said in a stock exchange filing on Wednesday.

The investment is tied to a power purchase agreement with Grian Energy for consumption of around 10 megawatts of contracted capacity. Carborundum Universal clarified that the equity investment is solely for consuming the solar power generated by Grian Energy.