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Anupam Rasayan India Limited, the custom synthesis & speciality chemicals major, has issued a Letter of Intent to install solar power by investing a sum of Rs 43 crore.
The company operates six manufacturing facilities in Gujarat. Anupam Rasayan came out with Rs 760 crore initial public offer (IPO) in March this year
The entire capital expenditure of Rs 43 crore will be funded from the company’s recently concluded IPO proceeds.
The company said in a regulatory filing that in a conscious move towards reducing dependence on non-renewable energy and cost saving measure, Anupam Rasayan has issued a letter of intent to install solar power by investing a sum of Rs 43 crore.
The size of the proposed solar power plant will be 12.5 MW and will cater to the energy requirements of Anupam Rasayan’s major units.
Speaking about the planned investment in renewable energy, Anand Desai, Managing Director of Anupam Rasayan, said, “Environmental sustainability is high in our priority, and we will constantly look into opportunities in this space. It is important for industry players like us to be price-sensitive as well as minimise carbon footprints. The proposed solar plant will help us rationalise our energy costs through an estimated saving of around Rs. 10 crore per annum for the next 25 years. This is a significant step in terms of ensuring undeterred power supply and transitioning towards cleaner source of energy.”