Kajaria To Invest Rs. 264 Lakhs For Captive Solar Power Consumption

India’s ceramic wall and floor tile manufacturing company, Kajaria Ceramics Ltd. has announced to invest Rs. 264 Lakhs in an SPV for solar power captive consumption.

In a meeting today, the Board of Directors (BoD) of Kajaria Ceramics Ltd. have approved investing up to Rs. 264 Lakhs in an SPV (Special Purpose Vehicle) for solar power captive consumption as required under the provisions of Electricity Act, 2003, at par value, subject to applicable laws and authorized the Management Committee of the BoDs of the Company for taking all necessary actions regarding the investment.

The SPV is to be formed by a solar power plant company, CleanMax Enviro Energy Solutions Private Ltd. The company claims to cross 200+ MWp in Rooftop solar plants, it has also received ISO 45001 Certification and commissioned the first Wind Farm at Hoshahalli, Karnatak.

Shares of Kajaria Ceramics Ltd was last trading in BSE at Rs. 1001 comparatively high from the previous close of Rs. 994.15. The total number of shares traded during the day was 5100 in over 720 trades. The net turnover of the company during the day was Rs. 50,93,207, according to the share market reports.

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A captive solar power plant refers to a solar power plant that has been implemented by a company for its own consumption. This means the power generated by the solar power plant is consumed entirely by the developing company itself.

Many such corporates have gone for captive solar plants recently, Mumbai-headquartered auto major Mahindra & Mahindra Ltd. is adopting a 58 MWp captive solar plant that is expected to generate about 100 million units of power annually beginning 2022.

Before that in April 2021, Bharti Airtel had commissioned a 14 MWp captive solar plant to meet the energy requirements of its core and edge data centers in Uttar Pradesh

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Indian multinational pharmaceutical and biotechnology company, Cipla, announced the start of a 30 MW solar plant project at Tuljapur, Maharashtra, in January 2021. The plant will support its production facilities and reduce emissions linked to the energy commission there.