DECEMBER 20238TOP STORIESMOTORCYCLE MAKER CLASSIC LEGENDS SECURES CAPITAL OF RS.875 CRORESClassic Legends Pvt Ltd, a Mahindra and Mahindra subsidiary that manufactures iconic motorcycle brands such as Yezdi and Jawa, is set to receive a Rs 875 crore fund infusion, according to a stock exchange filing. Mahindra has agreed to invest Rs 525 crore in one or more tranches of CCPS (compulsorily convertible preference shares) and equity.Classic Legends' existing shareholders and new investors will invest an additional Rs 350 crore in the motorcycle manufacturing firm in one or more tranches.Following the new fund infusion, which is expected to be completed by March 15, 2025, Mahindra will retain a 60 percent stake in Classic Legends, which will continue to be its subsidiary.The latest round of funding comes on the heels of Classic Legends' plans to invest Rs 1,000 crore until FY26 in order to catch up in the middle weight, lifestyle motorcycle market in India and tap burgeoning demand for such models in overseas markets.The funds will be used for, among other things, tooling up new products, marketing, creating distribution networks for international markets, and new product development. Classic Legends cofounder Anupam Thareja told ET in September. This sum, he said, would come from a mix of internal accruals, existing shareholders, and external investors. TPREL TO CONSTRUCT 13.2MW CAPTIVE SOLAR POWER FACILITYTata Power Renewable Energy announced on Dec 13 that it has signed an agreement with the group of Dr. Abhay Firodia (Force Motors Ltd and Jaya Hind Industries Pvt Ltd) to develop a 13.2 MW captive power plant. Tata Power Renewable Energy Ltd (TPREL)and Dr. Abhay Firodia signed a Power Distribution Agreement (PDA) to supply green power for 25 years under the Captive group. planning, According to a statement from the company.Power plants are developed for joint use by several customers under a specific group approach. This partnership represents a major step forward in advancing sustainable energy solutions for the industry.Under the agreement, Force Motors Ltd, a fully vertically integrated automobile company, will use 6.2 MW AC power and consume 13.64 million units (MUs) annually. The other group company, Jaya Hind Industries Private Ltd, will use 7.0 MW AC power, consuming 15.40 MUs annually.Located at Achegaon in Maharashtra, this solar plant has a capacity of 13.2 MW AC, generating 29.04 MUs of power annually, and it is expected to reduce carbon emissions by approximately 21,200 metric tonnes per year. The project is scheduled to be completed within 12 months of signing the power delivery agreement.TPREL will oversee the development, management, and maintenance of the group's captive solar plant. Force Motors Ltd and Jaya Hind Industries Private Ltd would benefit from the plant's clean and reliable power supply and have the chance to actively contribute to environmental sustainability.
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