Kolkata based Emami Group has transferred the solar power division of its cement unit to Emami Power, which aims in building over 300 MW of solar power capacity over the next three years.
The National Company Law Tribunal (NCLT) has
approved the demerger of all Emami Cement’s solar power business assets and
properties, which includes 10 MW grid connected plant in Gujarat and a 3MW
plant in Tamil Nadu, all these assets will be transferred to Emami
Powers.
Emami Power aims to achieve over 300 MW of solar power capacity over the next three years. It owns an 11 MW solar power project in the state of Karnataka, and 22.5 MW project in Uttarkhand. Going further, it aims to develop more solar power projects in various states of India. It has purchased land in Jodhpur district of Rajasthan for the future projects under either state or central schemes.
The consolidation of its solar business will help Emami Power to cater to additional volumes and increase its footprint across India. Simultaneously, Emami Cement will be able to manage its core cement business more effectively. The move is aimed at enhancing the ability to deal with regulatory challenges, long-term growth, increasing profitability and combining the financial, management and operational resources.
For the year ended March 31, 2018, Emami Power had revenue of Rs. 326.81 Million, with net profit of Rs 23.6 million.