MRF to Acquire 19.10% Stake in First Energy to Boost Renewable Energy Portfolio

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Chennai, May 17, 2023: MRF Limited, one of India's leading tyre manufacturers, has announced that it will acquire up to 19.10% stake in First Energy 4 Pvt Ltd, a renewable energy company, for an estimated sum of ₹13.09 crore.

The acquisition is in line with MRF's commitment to sustainability and its goal of reducing its carbon footprint. First Energy is in the process of developing a ground-mounted, grid-connected solar power plant with a total installed capacity of 38.2 MW AC. Once the plant is commissioned, it will generate approximately 54 million units of electricity per year, which will be used to meet MRF's captive power requirements.

The acquisition will help MRF to reduce its reliance on conventional energy sources and achieve its sustainability goals. It will also help the company to save on its energy costs and improve its bottom line.

About MRF Limited

MRF Limited is one of India's leading tyre manufacturers. The company was founded in 1949 and is headquartered in Chennai, Tamil Nadu. MRF has a strong presence in the Indian market and exports its products to over 100 countries. The company has a wide range of tyres for passenger cars, commercial vehicles, two-wheelers, and off-road vehicles.

About First Energy 4 Pvt Ltd

First Energy 4 Pvt Ltd is a renewable energy company headquartered in Chennai, Tamil Nadu. The company was founded in 2017 and has a strong track record of developing and commissioning solar power plants. First Energy has a portfolio of over 100 MW of solar power projects and is committed to providing clean and sustainable energy solutions.

Benefits of the Acquisition

The acquisition of First Energy will provide MRF with a number of benefits, including:

  • Increased renewable power supply: The acquisition will help MRF to increase its renewable power supply and reduce its reliance on conventional energy sources.
  • Lower energy costs: The acquisition will help MRF to save on its energy costs by using solar power.
  • Improved sustainability: The acquisition will help MRF to improve its sustainability performance and reduce its carbon footprint.
  • Increased brand value: The acquisition will help MRF to enhance its brand value and position itself as a leader in the sustainability space.

Conclusion

The acquisition of First Energy is a strategic move by MRF to enhance its renewable power supply and reduce its carbon footprint. The acquisition will help MRF to achieve its sustainability goals and improve its bottom line.

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