Midwest Energy

Midwest Energy accepted Maharashtra Industrial Development Corporation offers for two leasehold plots totalling about 301,595 square metres at Butibori Ph-2 Industrial Area in Nagpur for a 5,000 MTPA neodymium-iron-boron permanent magnet manufacturing facility. The board approved acceptance on 30 October 2026 of offer letters dated 15 October 2026 for Plot C-1/1 of 156,164.64 square metres and Plot C-1 of 145,430 square metres at a premium of Rs 2,200 per square metre, totalling Rs 66.35 crore with 25% earnest money of Rs 16.59 crore. The company's preferential issue had earmarked Rs 60 crore for land and building and Rs 50 crore for plant, with Rs 20.62 crore deployed toward land and building and Rs 47.70 crore toward plant advances in the June quarter. The rare-earth materials and magnets segment reported nil revenue in FY26 and the June quarter while the integrated sintered magnet facility remained pre-commercial at 31 March 2026, with consolidated total income at Rs 10.53 crore in FY26 against assets of Rs 713.95 crore.

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Midwest Energy’s board approved the redesignation of Soumya Kukreti from non-executive director to whole-time director and chief executive officer for five years from September 30, subject to shareholder approval. The board also approved the notice for the 36th annual general meeting, scheduled for September 30 through video conference, with remote e-voting from September 27 to 29. Kukreti joined the board as an additional non-executive director in June and is the daughter of director Kollareddy Ranganayakamma. The group reported consolidated operating revenue of ₹6.24 crore and a loss of ₹1.02 crore in the June quarter, while its rare-earth segment had no revenue.

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Midwest Energy Limited’s board accepted the resignations of Whole-time Director Deepak Kukreti, Non-Executive Independent Directors Kothamasu Sri Surya Pratap and Rajyalakshmi Ankireddy, Non-Executive Director Sasikanth Rao, and Chief Financial Officer Palepu Ramakrishna Venkatachala, all effective 28-29 July 2026. It simultaneously appointed Dinabandhu Mohapatra, a former managing director of Bank of India, as an additional independent director, Kollareddy Ranganayakamma as an additional non-executive director, and Rama Devi Dasari, a chartered accountant with nearly two decades of experience, as the new CFO. Mr Kukreti, whose resignation was accompanied by a board-approved consultancy contract worth up to ₹12.5 lakh per month for advisory work on clean-energy initiatives, is the spouse of promoter-director Soumya Kukreti, who joined the board in June. The restructuring follows the recent commissioning of a 1.2 GWh battery storage manufacturing plant and a string of preferential equity issues that have left the consolidated entity deeply loss-making. The company underwent a transformation from gold mining to renewable-energy manufacturing in the previous fiscal year.

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Midwest Energy Limited commenced commercial production at its integrated 1.2 GWh Battery Energy Storage System (BESS) manufacturing facility in Bengaluru. The plant has Cell-to-Container capabilities and will produce battery modules, trays, racks, and fully integrated containerised systems for commercial, industrial, renewable and utility-scale applications. The commissioning strengthens the company's clean energy manufacturing footprint as it expands into advanced energy storage solutions.

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July 20 (Reuters) - Midwest Gold Ltd MWEN.BO:

• MIDWEST GOLD - ENERGY COMMENCES COMMERCIAL PRODUCTION AT 1.2 GWH BESS FACILITY IN BENGALURU

Source text: ID:nBSEbkkz7b

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Midwest Energy Ltd. has signed a Memorandum of Understanding with Midwest Limited, India's Non-Ferrous Materials Technology Development Centre (NFTDC), and PT Perusahaan Mineral Nasional (Persero), Indonesia’s state-owned strategic minerals enterprise. The non-binding MoU establishes a framework to evaluate collaboration across the rare earth value chain in Indonesia, spanning exploration, mining, processing, refining, and the manufacturing of rare earth magnets. Midwest Energy will contribute technology and operational expertise for a magnet manufacturing plant, while Midwest Limited and NFTDC will provide mining and technical services. PERMINAS will facilitate access to critical mineral and rare earth resources. A joint working group will be set up to plan and monitor the project's implementation.

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Feb 19 (Reuters) - Midwest Gold Ltd MWGI.BO:

• APPROVED ISSUANCE OF EQUITY SHARES WORTH 2 BILLION RUPEES

Source text: ID:nBSE3Yd3GZ

Further company coverage: MWGI.BO

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Feb 13 (Reuters) - Midwest Gold Ltd MWGI.BO:

• MIDWEST GOLD LTD - TO CONSIDER FUND RAISING

Source text: ID:nBSEB5p4B

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April 10 (Reuters) - Midwest Gold Ltd MWGI.BO:

• SRINIVASAPPA ANAND REDDY RESIGNS AS CFO

• APPOINTS PALEPU VENKATACHALA RAMAKRISHNA AS CFO

Source text: ID:nBSE8spmWD

Further company coverage: MWGI.BO

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Nov 1 (Reuters) - Midwest Gold Ltd MWGI.BO:

• MIDWEST GOLD LTD - TO CONSIDER FUND RAISING

Source text: ID:nBSE5nYN6X

Further company coverage: MWGI.BO

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Sept 16 (Reuters) - Midwest Gold Ltd MWGI.BO:

• MIDWEST GOLD - TO CONSIDER FUND RAISING

Source text for Eikon: ID:nBSE7dGpfw

Further company coverage: MWGI.BO

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Aug 14 (Reuters) - Midwest Gold Ltd MWGI.BO:

• - APPROVED REAPPOINTMENT JAYESH RAMNIKLAL MEHTA AS CHAIRMAN, MD

Source text for Eikon: ID:nBSE5Nq1xN

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