Siemens Limited to procure solar power for Kalwa facility

In its continuing efforts to reduce its carbon footprint and the impact on climate change, Siemens Limited has decided to procure solar power for its manufacturing facility located at Kalwa, Maharashtra.

In this regard, the Company has executed a Power Purchase Agreement and has today entered into a Share Subscription and Shareholders Agreement for the subscription of 26% of the paidup equity share capital of Sunsole Renewables Private Limited, Mumbai, India, subject to fulfilment of conditions precedent as agreed between the parties.

Sunsole is incorporated as a special purpose vehicle by Cleantech India OA Pte Ltd. to undertake the construction, operation and maintenance of a solar power plant and to supply, on a captive basis, the power generated from the said solar power plant.

Shares of Siemens Limited was last trading in BSE at Rs. 2171.55 as compared to the previous close of Rs. 2189.15. The total number of shares traded during the day was 7528 in over 1354 trades.

The stock hit an intraday high of Rs. 2209.95 and intraday low of 2145.30. The net turnover during the day was Rs. 16379430.00.

Source : Equity Bulls

Keywords

Siemens INE003A01024 CarbonFootprintReduction SolarPower Sunsole SPV