Specialty chemical company Anupam Rasayan India has announced that it will invest Rs 43 crore to set up a 12.5 megawatt (MW) solar power plant in an attempt to lower its carbon footprint and save on electricity costs in the long term.
“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 company said in a regulatory filing. The company said the entire capital expenditure of Rs 43 crore will be funded from its IPO proceeds.
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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 minimize carbon footprints. the proposed solar plant will help the company rationalize its energy costs through an estimated saving of around Rs. 10 crores per annum for the next 25 years. “This is a significant step in terms of ensuring undeterred power supply and transitioning towards a cleaner source of energy.”
The company operates six manufacturing facilities in Gujarat: 4 sites are in Sachin, Surat, and 2 states of art sites are in Jhagadia, Gujarat. Anupam Rasayan came out with Rs 760 crore initial public offer (IPO) in March this year.