Speciality chemical company 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 entire capital expenditure would be of Rs. 43 crore which would be funded from its IPO proceedings.
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.
The company operates six manufacturing facilities in Gujarat.
Anupam Rasayan came out with Rs 760 crore initial public offer (IPO) in March this year.