In a regulatory filing, the company said, “CONCOR and NVVN have signed a MoU to explore the possibility of setting up photovoltaics (PV) solar renewable energy projects in CONCOR terminals.”

The MoU signifies the commitment of both NVVN and CONCOR to reduce carbon emissions and to promote renewable power generation, contributing to a cleaner environment and aligning with global sustainability goals. This is in alignment with Govt. of India’s commitment to achieve 500 GW renewable energy target by 2030.

CONCOR agrees to purchase & consume the solar power generated by the proposed solar PV projects on long term basis. Both the companies will enter into separate agreements for the same, said the company.

Further, CONCOR added that it will provide/arrange rooftop / land/ water body required for setting up the projects to NVVN on long-term lease on mutually agreed terms before signing of power purchase agreement to be executed separately, as required in this regard.

NVVN will be responsible for project design, supply, execution, commissioning, and operations and maintenance (O&M) of the solar PV project. NVVN proposes to set up the project through engineering procurement and construction contract [EPC], the firm stated in the press release.

CONCOR operates 59 terminals across the country along with two strategic tie-ups. The company's primary operation is to provide inland transportation of containers from ports using rail wagons. The company also manages cold storage chains and warehouses.

The company's consolidated net profit jumped 21.1% to Rs 367.36 crore in Q2 FY24 from Rs 303.47 crore in Q2 FY23. Revenue from operations grew 10.5% year on year (YoY) to Rs 2,194.87 crore during the period under review.

The scrip rose 0.11% to Rs 841 on the BSE. The counter hit an all time high at Rs 859.75 in today’s intraday session.