Mari intends to acquire Foundation Wind

The MPCL board of directors has approved the submission of an expression of interest for the acquisition of majority shares, collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, in Foundation Wind Energy-I Limited and Foundation Wind Energy-II Limited.

‘We are pleased to inform that MPCL Board of Directors in its meeting held on October 19, 2020, approved the submission of an expression of interest for the acquisition of majority shares, collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, in Foundation Wind Energy-I Limited and Foundation Wind Energy-II Limited, management said in a notice issued to Stock Market.

It further said that shall be noted that the abovementioned acquisition is subject to the detailed due diligence of these projects, completion of procedural formalities, and requite approvals from MPCL Board of Directors and relevant Regulatory Authorities.