Anupam Rasayan India on Tuesday said it will invest Rs 43 crore to set up a 12.5 megawatt (MW) solar power plant.
“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 the its IPO proceeds.
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.
Anupam Rasayan operates six manufacturing facilities in Gujarat. Anupam Rasayan came out with Rs 760 crore initial public offer (IPO) in March this year.