IRCON forms SPV for setting up 500 MW grid-connected solar PV project

New Delhi: Miniranta Railways PSU, Ircon International Limited (IRCON) has incorporated a Joint Venture company named 'Ircon Renewable Power Limited' for setting up of 500 MW grid-connected solar PV project awarded by Indian Renewable Energy Development Agency Limited (IREDA). It will be the first venture of IRCON into the solar business as the company won a bid to set up a 500-megawatt solar power plant through an e-reverse auction recently.

According to the company, 'Ircon Renewable Power Limited' is incorporated as a Subsidiary and JV company with 76 percent shareholding of IRCON and 24 percent shareholding of Ayana Renewable Power Private Limited with an authorized share capital of Rs 5 crore. The company has subscribed to 38,00,000 equity shares of Rs 10 each aggregating to Rs 3,80,00,000.

In a regulatory filing to the stock exchanges, IRCON informed, "…it is hereby informed that Ircon International Limited has incorporated a Subsidiary and Joint Venture Company named "Ircon Renewable Power Limited" on January 13, 2022, as Special Purpose Vehicle (with 76% shareholding of Ircon International Limited and 24% shareholding of Ayana Renewable Power Private Limited) for setting up of 500 MW Grid Connected Solar PV Project awarded by Indian Renewable Energy Development Agency Limited."

Ircon International Limited (IRCON) is an engineering and construction organisation, specialized in transport infrastructure. The PSU was established in 1976, by the government under the Indian Companies Act 1956. IRCON was registered as the Indian Railway Construction International Ltd., a wholly (100%) owned entity of the Ministry of Railways. Its primary charter was the construction of railway projects in India and abroad.

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