Corporate News     09-Nov-23
Board of Welspun Corp approves investment of Rs 44 cr for renewable energy consumption
The Board of Welspun Corp at its meeting held on 08 November 2023 has approved an investment not exceeding Rs.44.25 crore holding ~21.54% equity share capital in Mounting Renewable Power (MRPL) and remaining ~51.00% and ~27.46% shareholding in MRPL will be with Welspun New Energy (WNEL), a related party of the Company, and another group captive power consumer viz. Welspun Living (WLL), respectively.

MRPL, a Special Purpose Vehicle, will set up a 42 MW Renewable Energy Round-TheClock (Re-RTC) project to generate energy from wind and solar for the Company's Anjar operations at most competitive rates which will make the Company's Anjar Unit about ~55% RE by the financial year 2026 with a reduction in the cost of power. It would be a significant step towards the Company's journey towards clean and renewable energy.

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