Privi Speciality Chemicals has entered into a Power Purchase agreement (PPA) and a Share Subscription and Shareholders Agreement (SSSHA) with Radiance MH Sunrise Ten on December 28, 2022. Earlier, the Board of Directors had approved investment in Solar Power Project, by way of Equity participation through a Special Purpose Vehicle (SPV) to the extent of 26% of the Share Capital of the SPV subject to finalisation of the terms and conditions with the proposed SPV.
The objective of the acquisition is to become a captive user within the meaning as ascribed under the Electricity Act, 2003, and the rules (including the Electricity Rules, 2005). This will help generation of power through environment friendly resources and reduce the Company's dependence on coal & natural gas. The said acquisition will also lead to reduction in electricity cost of the Company.
Privi Speciality Chemicals is India's leading manufacturer, supplier and exporter of aroma and fragrance chemicals and a globally trusted partner and a preferd supplier of bulk aroma chemicals.
