Tyre manufacturer Apollo Tyres has acquired a 27.2% equity stake in the solar power plant for its captive consumption. The plant is being developed by CSE Deccan Solar, a subsidiary of Cleantech Solar.
Apollo Tyres invested INR 93 million, for a 27.2% equity stake, to get a guaranteed supply of 40 million units of electricity per annum from the captive power plant for its Chennai facility. This will increase the share of renewable energy to more than 30% of the total for this manufacturing facility.
Sunam Sarkar, president and chief business officer, Apollo Tyres Ltd, said “This investment to secure solar power for our Chennai facility, is one of the several initiatives that we are undertaking towards a sustainable future. The solar power that we are securing with this investment, will help us become self-sufficient for our power requirements for critical equipment, and strengthen our commitment towards reduction of carbon emissions.”
The supply of solar power to Apollo Tyres’ Chennai facility is likely to begin in July this year.
Apollo Tyres has an installed capacity to produce around 900 metric tonnes of tyres per day in Chennai, which includes the passenger vehicle tyres and light, medium and heavy commercial vehicle tyres.
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