Shares of Constronics Infra surged 5% following the announcement of a significant collaboration with Shimato Enterprises Private Limited. The company has signed a term sheet for the development, operation, and maintenance of a 21 MW solar power project in Virudhunagar, Tamil Nadu, in line with the Government of India’s commitment to achieving net-zero carbon emissions by 2070.
As of 2:44 pm the shares were trading 4.98% higher at ₹131.65 on NSE.
Shimato Enterprises will act as the turnkey contractor, managing the design, supply, installation, and maintenance of the solar power project. Additionally, Shimato will oversee land acquisition to facilitate the project’s smooth execution. This partnership marks Constronics Infra’s strategic foray into the renewable energy sector, capitalizing on the growing opportunities in solar power.
The transaction has been structured as an arm’s length agreement, with no involvement of the promoter group or related party interests. Further timelines and details will be finalized in definitive agreements between the parties.
This initiative underscores Constronics Infra’s focus on sustainable energy solutions and its commitment to expanding its green energy portfolio for long-term growth. Investors have responded positively, reflecting confidence in the company’s forward-looking strategy.
