Joint Venture8 Aug 2025, 06:22 pm
Gujarat Alkalies and Chemicals Ltd to Form SPV with Gujarat Mineral Development Corporation for 60 MW Renewable Energy Project
AI Summary
Gujarat Alkalies and Chemicals Ltd (GACL) announced that its Board of Directors has approved the formation of a Special Purpose Vehicle (SPV) with Gujarat Mineral Development Corporation Limited (GMDC) to undertake the implementation of a 60 MW Renewable Energy (RE) project. The SPV will be incorporated shortly, and the initial equity contribution will be in proportion to 49% by GACL and 51% by GMDC. Once the Renewable Energy Developer(s) is/are selected, the equity holding pattern would change, with GACL holding a minimum of 26% equity of the SPV, the Developer(s) holding 51%, and GMDC holding the balance equity shares. The power generated by the SPV will be used by GACL for captive purpose.
Key Highlights
- GACL and GMDC to form a Special Purpose Vehicle (SPV) for a 60 MW Renewable Energy project
- Initial equity contribution of 49% by GACL and 51% by GMDC
- GACL to hold a minimum of 26% equity in the SPV after Developer(s) selection
- Power generated by the SPV to be used by GACL for captive purpose
- SPV to be incorporated shortly