Mumbai-based Aarti Drugs will procure solar power from Prozeal Green Energy through a captive arrangement. The company has entered into a Share Subscription and Shareholders’ Agreement with Prozeal Green Power, a subsidiary of Prozeal Green Energy, to acquire 26.25 percent equity stake in an SPV – Pro-Zeal Green Power Nine, for INR 8.05 crore.
As part of the agreement, the SPV will be developing, constructing, operating and maintaining a 24.40 MWp (19.36 MW) solar power plant exclusively to cater to the company’s power requirement partly. “This is in line with the company’s commitment towards procuring power through renewable resources,” shared the company in a regulatory filing.
It further added that it will involve an investment of INR 6.30 lakh by way of subscription to 63,000 equity shares of INR 10 each of Pro-Zeal Green Power Nine. Additionally, the company will also invest INR 7.98 crore in Compulsory Convertible Debentures in a phased manner.
Prozeal Green Power is a wholly-owned subsidiary of Prozeal Green Energy, wherein Aarti Drugs’ promoter, Chandrakant V. Gogri is the Director and Shareholder. The transaction is being carried out at arm’s length basis, it said.
“In our continuous quest to reduce our reliance on conventional fuels, we embarked on an ambitious project to install an agrobased multifuel fired boiler. This initiative not only aimed to cut down our consumption of traditional fossil fuels but also to promote the use of sustainable energy sources,” the company stated in its Sustainability Report 2023-24.
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