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PNN
Surat (Gujarat) [India], December 16: Sumeet Industries Limited, (NSE Code: SUMEETINDS, BSE Code: 514211), One of the leading integrated polyester manufacturers engaged in the production of PET Chips, Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY) and Polyester Texturised Yarn, has announced its decision to secure long term renewable power for its operations through participation in a captive wind energy project. The initiative is aimed at reducing energy costs, ensuring reliable green power supply, and supporting the Company's sustainability and ESG objectives. This is in addition to the Company's already commissioned 14 MW solar power capacity. The Board of Directors considered and approved the execution of a definitive agreement for participation in a captive renewable energy project, under which the Company will access around 4.20 MW of renewable wind power through the captive consumption route. The project is expected to enhance power cost efficiency and reduce dependence on conventional energy sources. The Company will acquire up to 26% equity stake in M/s Bajrang Green Energy One Private Limited for a cash consideration of 26.00 lakhs. Bajrang Green Energy One Private Limited is a newly incorporated special purpose vehicle established to generate renewable wind energy in the state of Gujarat under the captive open access model and is yet to commence commercial operations. Subject to receipt of necessary regulatory approvals, the supply of power from the project is expected to commence tentatively by March 2026. Commenting on the Development, Mr. Pratik R. Jaju, Managing Director of Sumeet Industries Limited said, "This captive wind power investment complements our existing solar power plant and is expected to reduce our electricity costs over the medium to long term. Power is a key operating expense for us, and access to captive renewable energy will provide better cost visibility and help protect margins from volatility in grid tariffs. In addition to cost efficiency, the project strengthens our transition towards cleaner energy sources. We remain focused on adopting practical environmental initiatives that enhance operational efficiency while supporting our long-term sustainability objectives." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same.)
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