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Welspun Living announced that aligning with the Company’s objective to be a 100% Renewable Energy consumer by the year 2030, the Board of Directors of the Company, at its meeting approved after due evaluation of various proposals presented, an equity investment not exceeding Rs. 1.15 crore for acquiring/maintaining up to ~49% equity share capital of Welspun Bhargavi (WBPL), a Special Purpose Vehicle, for setting-up of 2 MWp Solar Power Plant for the Company’s flooring (SPC) facilities and 2.60 MWp Solar Energy Plant to its wholly-owned subsidiary Welspun Advanced Materials (India)& manufacturing facilities at Telangana, by the financial year 2025.
The Company proposes to enter into the Power Purchase Agreements (with Take or Pay arrangement) with WBPL for the supply of Renewable Energy for a period of 25 years with an interest-free security deposit not exceeding Rs. 0.65 crore. It would be a significant step towards the Company’s journey to reach 100% RE by 2030.
