Motherson signs PDA for solar power with Hinduja Renewables

Samvardhana Motherson International Limited has signed a power delivery agreement (PDA) with HR Dhauliganga Private Limited, a special purpose vehicle (SPV) of Hinduja Renewables Energy. The deal allows the group to source solar power from a 50 MWp captive project in Tamil Nadu.

The agreement was approved by the company’s Board of Directors. Under the PDA, Samvardhana Motherson and its subsidiaries will invest nearly Rs 141.3 million in phases to acquire a 28.15 per cent stake in the SPV.

Of this, the parent company will hold a standalone 18.35 per cent equity stake. The rest will be held by its subsidiaries.

The investment is scheduled to conclude in the second quarter of FY 2025–26.