Manali Petrochemical (MPL) has entered into a captive power agreement with First Energy 6 (a subsidiary of First Energy) [Captive Power Producer] on July 3, 2023 for procurement of Solar power under captive generation scheme as per Electricity Act, 2003 read with Electricity Rules, 2005 and will be investing upto 3.00% initially and will hold 2.43% of the paid up equity of the Captive Power Producer upon commissioning of the project during the tenure of the said agreement. Cost of acquisition is Rs 108.50 lakh. The said acquisition is expected to be completed on or before October 2023.
Manali Petrochemical (MPL) is a leading petrochemical manufacturer based in Chennai, India. It markets propylene glycol and polyols.
