The company is acquiring a 128 MW solar power plant in Tamil Nadu, India. This acquisition will allow the company to source solar power as a captive consumer for its operations. **Detailed Text:**
The company’s strategic move to acquire a 128 MW solar power plant in Tamil Nadu, India, signifies a significant step towards achieving its sustainability goals.
Dalmia Bharat stated that the acquisition has been done in order to enhance its source of renewable power supply to achieve groups commitment towards RE 100 by 2030 and carbon negative by 2040. The renewal power (solar) will qualify as captive consumer under the Electricity Act/ Rules. Accordingly, the company will source solar power as a captive consumer for a capacity upto 128 MW located in the State of Tamil Nadu. “The transaction is subject to customary conditions precedents and expected to be completed within 4-6 months, it added. Dalmia Bharat is the fourth-largest cement manufacturing company in India, with the current capacity pegged at 41.7 million tonne.
The cement manufacturers consolidated net profit slipped 47.5% to Rs 320 crore despite of 10% growth in income from operations to Rs 4,307 crore in Q4 FY24 over Q4 FY23. The scrip shed 0.41% to currently trade at Rs 1906.05 on the BSE. Powered by Capital Market – Live News
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