Everest Industries Limited , a prominent player in the building solutions and steel buildings sector, has secured approval for a significant land sale transaction. The company is set to divest 23.32 acres of land located in Podanur to G Square Realtors for a total consideration of ₹133.86 crore.

Transaction Details

Timeline and Next Steps

Everest Industries has already received an initial payment of ₹7.00 crore from G Square Realtors, marking the first step in this substantial real estate transaction. The sale deed for this property is expected to be completed within the next four months, finalizing the transfer of ownership.

Implications for Everest Industries

This land sale represents a strategic move for Everest Industries, potentially allowing the company to unlock value from its real estate assets. The substantial sum of ₹133.86 crore could provide the company with additional liquidity, which may be used for various purposes such as debt reduction, capital expenditure, or strengthening its core business operations.

Market Response

Investors and market analysts will likely be watching closely to see how Everest Industries utilizes the proceeds from this land sale. The transaction's impact on the company's financial position and future strategic initiatives will be of particular interest to stakeholders.

As the sale process progresses over the coming months, more details may emerge regarding the company's plans for the funds and any potential impact on its overall business strategy.

Everest Industries Limited continues to demonstrate active management of its assets, with this land sale approval marking a significant development in its recent corporate activities.

Everest Industries Limited , a prominent player in the building solutions sector, has announced a correction to its previously disclosed investment in Enerparc Solar Power 10 Private Limited. The company has revised its shareholding percentage from the initially reported 5.31% to 2.43%, citing a typographical error in the original disclosure.

Investment Details

The Board of Directors of Everest Industries approved an investment of Rs. 1.07 crores in Enerparc Solar Power 10 Private Limited. This investment will be made through the acquisition of 10,65,000 equity shares at a face value of Rs. 10 per share. The decision was made during a board meeting held on August 4.

Strategic Objectives

The primary objective behind this investment is to avail 3 MWp of solar power for Everest Industries' Podanur Plant located in Coimbatore, Tamil Nadu. This move aligns with the company's strategy to increase its utilization of renewable energy sources in the state.

About Enerparc Solar Power 10 Private Limited

Enerparc is a special purpose vehicle (SPV) floated by Enerparc Energy Private Limited. The company, incorporated on June 18, is engaged in the business of setting up, generating, and distributing power from solar plants in India. As of the latest available information, Enerparc has a paid-up capital of Rs. 36.37 crores and has not reported any turnover in the last three financial years.

Timeline and Regulatory Aspects

Everest Industries expects to complete the acquisition by November 30. The company has clarified that this investment does not fall under related party transactions and does not require any specific governmental or regulatory approvals.

Implications for Everest Industries

This strategic investment represents a significant step for Everest Industries in its pursuit of sustainable energy solutions. By securing a 2.43% stake in Enerparc, the company aims to leverage the benefits of group captive policy for solar power, potentially leading to long-term cost savings and a reduced carbon footprint for its Podanur Plant operations.

The revised disclosure demonstrates Everest Industries' commitment to transparency and accurate reporting to its stakeholders. As the renewable energy sector continues to grow, this move positions Everest Industries to capitalize on the shift towards cleaner energy sources in its manufacturing processes.

Investors and stakeholders will likely keep a close eye on how this investment impacts Everest Industries' operational efficiency and sustainability metrics in the coming years.