Godawari Power & Ispat Limited (BSE:532734) agreed to acquire an additional 8% stake in Hira Ferro Alloys Ltd. for approximately INR 702 million on July 27, 2021. The consideration will be paid in cash. The transaction has been approved by the board of directors of Godawari Power and is subject to approval of shareholders of Hira Ferro Alloys.

The proceeds from the transaction will be used to finance the 70 MW Solar Power Plant in Rajnandgaon, Chhattisgarh. The transaction is expected to complete within three to six months. For the year ending December 31, 2020, Hira Ferro Alloys reported revenues of INR 3.14 billion.