Sami-Sabinsa Group invests Rs. 3.30 crore in captive renewable energy
Under this arrangement, Sami-Sabinsa Group and its subsidiaries will hold 17 per cent of the equity on a fully diluted basis for the utilisation of 8.30 MWDC of renewable energy
Sami-Sabinsa Group Limited, a research-focused global health science company, has signed a mutual agreement with O2 Renewable Energy VIII Private Limited to establish a total installed capacity of 240 MW (100 MW of wind and 140 MW AC of solar) for renewable energy generation through non-conventional sources to operate a captive structure on a long-term power supply basis.
Under this arrangement, Sami-Sabinsa Group and its subsidiaries will hold 17 per cent of the equity on a fully diluted basis for the utilisation of 8.30 MWDC of renewable energy. Towards this joint venture, Sami-Sabinsa Group this week paid a subscription amount of Rs. 3.30 crore as equity capital.
The renewable energy project is being commissioned in Kotturu and Kudligi Talukas of the Bellary District of Karnataka and will power Sami-Sabinsa’s manufacturing facilities in Karnataka. The project is underway and is expected to be completed by January 2024.
Dr Muhammed Majeed, Founder and Group Chairman, of Sami-Sabinsa Group, said, “Sustainability remains an imperative to our overall growth, and we are making strong progress towards our ESG ambitions. On the environmental front, Sami-Sabinsa remains focused on reducing the carbon footprint, promoting environmental conservation, minimising waste, and increasing the resource efficiency and sustainability of the bioresources. The investment further demonstrates our commitment to adopting sustainable best practices in every aspect of our business,
Under this arrangement, Sami-Sabinsa Group and its