Pritika Group Signs 25-Year Solar Power MOU, Targets ₹110 Cr Savings
Pritika Auto Industries Ltd, through its subsidiary Pritika Engineering Components Limited, has signed a 25-year Memorandum of Understanding (MOU) with Spark Grid Private Limited for solar power supply. This long-term green energy partnership is projected to yield significant cost savings of approximately ₹110 crore for the Pritika Group over the tenure. Pritika Engineering Components Limited and Meeta Castings Limited are expected to save around ₹70 crore, with the balance benefiting Pritika Auto Industries Limited. A Special Purpose Vehicle (SPV) will be established for the project, with Pritika Engineering Components Limited holding a 26% equity stake. This initiative aligns with the group's strategy to enhance operational efficiency, reduce energy costs, and bolster its sustainability agenda by increasing renewable energy usage.
Key Highlights
- Signed a 25-year solar power MOU with Spark Grid Private Limited.
- Targets total savings of ₹110 crore over the 25-year period.
- Pritika Engineering Components to hold 26% equity in the project SPV.
- Strengthens sustainability agenda and reduces long-term energy costs.
Price Impact
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