Wipro shares rallied 4% on 11 October as the company completed its equity share capital subscription of FPEL Ujwal, which is a renewable energy company.

The company has signed an agreement to subscribe to a 9.95% stake in FPEL Ujwal for a total consideration of Rs 6.30 crore. FPEL is engaged in the business of developing, building and managing a portfolio of solar power assets.

Wipro signed the agreement on 1 September to enhance the proportion of usage of renewable energy for their offices in Karnataka.

The said transaction is expected to be completed before 31 May 2024.

The company said, “This project is expected to help us move closer to our goal of becoming Net Zero by 2040 and 100% renewable energy for purchased electricity by 2030.”

FPEL Ujwal was founded on 4 February 2022 and is a special purpose vehicle that was formed by Fourth Partner Energy for the purpose of setting up a captive solar power project in Karnataka.

At 2:28 pm, the shares of Wipro were trading at Rs 421.65 or 3.41% above its previous close on NSE.