Bosch to acquire minority stake in solar power companies; logs Rs 518cr Q3 net

Automotive parts and shopper items participant Bosch Ltd will acquire a small stake in two solar power era corporations at an outlay of about Rs 4.88 crore.

The firm closed the third quarter of FY24 with a net revenue of about Rs 518.1 crore (Q3FY23 Rs 318.9 crore) on an operational income of about Rs 4,205.2 crore (Rs 3,659.9 crore of corresponding interval).

The firm’s Board declared an interim dividend of Rs 205 per share for the monetary 12 months 2023-24.

According to Bosch, the Board authorized funding of an quantity not exceeding Rs 4,370 crore in AMP Energy C&l Eight Private Limited to acquire 10.87 per cent stake corresponding to the contracted capability in the 27.5 MWdc Group Captive Solar Power plant in the state of Karnataka.

Similarly, the Bosch Board additionally authorized funding of an quantity not exceeding Rs 51.3 lakh in the Special Purpose Vehicle (SPV) included by CSE Development (India) Pvt. Ltd arrange for the aim of establishing a 6.25 MWdc Group Captive Solar Power plant in Tamil Nadu.

The funding shall be by the use of buy and/or subscribing to Equity Shares and/or Compulsorily Convertible Debentures and/or Compulsorily Convertible Preference Shares, in a number of tranches, constituting up to 5.2 per cent of its paid up share capital corresponding to contracted capability in the SPV.

Commenting on the corporate’s third quarter outcomes Guruprasad Mudlapur, President of the Bosch Group, India, and Managing Director, mentioned: “Increased demand for autos has resulted in strong development for Bosch Limited this quarter. With a sustained concentrate on localization in the mobility area and past, we’re optimistic of the longer term and dedicated to delivering applied sciences and options that elevate the shopper expertise.”

Overall product gross sales of the automotive phase have elevated by 16.8 per cent in contrast to the identical quarter of the earlier 12 months. The Powertrain Solutions enterprise, which constitutes greater than 73 per cent of the general automotive product gross sales, confirmed a development of 20.4 per cent over the identical quarter of earlier monetary 12 months, greater than the general automotive market development pushed majorly by the passenger automotive phase due to enhance in content material per automobile.

The Beyond Mobility enterprise recorded a 32.5 per cent enhance in net gross sales over the identical quarter of the earlier monetary 12 months, pushed by continued development in the patron items product phase.

(With inputs from IANS)