MRF Limited (NSEI:MRF) agreed to acquire 27.2% stake in First Energy 8 Private Limited for approximately INR 360 million on January 3, 2024. Under the terms of agreement, MRF Limited is paying INR 358.7 million in cash. MRF Limited will acquire and maintain an equity stake (upto 27.2%) in First Energy 8 as per the group captive generation mechanism under the Electricity Act.

The transaction is expected to close on January 31, 2024.