National Plastic Technologies Ltd to invest in SPV for purchase of wind power

National Plastic Technologies Ltd. has today, 12.04.2024 entered into a Limited Liability Partnership Agreement with four other partners of Maris Power Trading Company LLP, (AAE-2675), (Maris), a Limited Liability Partnership Firm, namely, Maris Hotels and Theatres Pvt Ltd, Mr. Hari Govind A, Simta Clear Coats Private Ltd and Krishi Nutrition Company Private Limited. As per the Partnership Agreement, the Company will be contributing Rs.10,000 for 10% Ownership and Control and 0.01% share in Profit/ Loss of Maris for the purpose of purchase of Wind Power from Maris under Group Captive Power Purchase Mechanism mainly for the Company's units at Irrungattukottai and Hosur. The Power purchase agreement will be initially valid for a period of 1 year which may be mutually extended by the parties.

Financial Impact/Benefit: The Company will be able to purchase upto maximum of 12 lakh units of wind power initially at reduced cost compared to TNEB power thus reducing the power cost.

Shares of NATIONAL PLASTIC TECHNOLOGIES LTD. was last trading in BSE at Rs. 416.20 as compared to the previous close of Rs. 417.70. The total number of shares traded during the day was 3253 in over 120 trades.

The stock hit an intraday high of Rs. 424.00 and intraday low of 412.45. The net turnover during the day was Rs. 1355895.00.

Source : Equity Bulls

Keywords

NATIONALPLASTICTECHNOLOGIES INE896D01017 Investment SPV WindPower CaptiveUse