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Indus Towers Shares Hit 52-Week High on Signing MoU for Renewable Energy Projects

Through his MoU, the company aims to expand its renewable energy portfolio.

Shares of Indus Towers Ltd hit a 52-week high of Rs 359.50 on 19 April after the company announced signing an MoU with NTPC Green Energy Limited.

In its regulatory filing, the company said that they have signed a Memorandum of Understanding (MoU) with NTPC Green Energy Limited, for addressing the growing need for green energy and the Government of India’s efforts towards a carbon neutral economy.

The MoU was signed by Soumya Kanti Chowdhuri, Chief General Manager of NTPC Green Energy and Vikas Poddar, Chief Financial Officer of Indus Towers, along with other senior officials from both companies.

The filing added, “The MoU is to explore a joint development of grid connected Renewable Energy based Power Projects including Solar, Wind, Energy storage etc.”

Through his MoU, the company aims to expand its renewable energy portfolio in a phased manner to GigaWatt scale capacity for its business operations that is spread across the nation, as a part of its Net Zero Commitments.

Indus Towers is India’s leading passive telecom infrastructure provider; they deploy, own, and manage more than 211,775 telecom towers and communication structures.

At 2:41 pm, the shares of Indus Towers were trading 2.19% higher at Rs 351.95 on NSE.

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