Tamilnadu Petroproducts Limited to procure renewable power upto 59.93 million kWh per annum

Tamilnadu Petroproducts Limited had entered into an arrangement with Dalavaipuram Renewables Private Limited (DRPL) to procure upto 59.93 million kWh power per annum (Solar & Wind). Pursuant to this, the Company agreed to invest upto Rs.13.88 Crore, which constitute 2.73% of paid-up equity capital of DRPL, to meet the requirement of Captive power generation under Electricity Act, 2003.

Dalavaipuram Renewables Private Limited (DRPL), is a Company incorporated under the Companies Act, 2013 with its registered office at 402 & 404, Delphi, C Wing, Hiranandani Business Park, Orchard Avenue, Powai, Mumbai MH 400076. It was incorporated as a special purpose vehicle with the objective of setting up Wind and Solar Captive Power plant at Tuticorin and operating a plant for the purpose of generating and selling power.

In order to qualify as a Captive User as required under Electricity Act, 2003, the Company agreed to invest upto Rs. 13.88 Crore in the equity capital of DRPL, which would constitute 2.73% of the paid-up equity capital and thereby optimizing the power cost of the Company.

Shares of Tamilnadu PetroProducts Limited was last trading in BSE at Rs. 79.62 as compared to the previous close of Rs. 79.90. The total number of shares traded during the day was 20420 in over 427 trades.

The stock hit an intraday high of Rs. 80.01 and intraday low of 78.65. The net turnover during the day was Rs. 1622926.00.

Source : Equity Bulls

Keywords

TamilnaduPetroProducts INE148A01019 TNPETRO PowerProcurement Solar Wind