Manali Petrochemicals Ltd (MPL) has entered into an agreement with Pune-based First Energy Pvt Ltd (FEPL), a subsidiary of Thermax group, to acquire a minor stake for the procurement of solar and wind power under a captive generation scheme. The transaction, valued at ₹3.56 crore, will enable MPL to secure a stable power supply for its operations.
According to the regulatory filing, MPL has signed a captive power agreement with First Energy 5 Pvt Ltd., a subsidiary of FEPL, for the procurement of “wind power” under the captive generation scheme. As part of the agreement, MPL will initially invest up to 3.08 percent and subsequently hold 2.59 percent of the paid-up equity of FEPL upon the commissioning of the project. The consideration for this part of the agreement amounts to ₹2.48 crore.
Additionally, MPL has also entered into a captive power agreement with First Energy 6 Pvt Ltd., another subsidiary of FEPL, for the procurement of solar power. Under this agreement, MPL will invest up to 3 percent initially and hold 2.43 percent of the paid-up equity of FEPL upon the commissioning of the solar power project.
Both First Energy 5 Pvt Ltd and First Energy 6 Pvt Ltd are special purpose companies focused on the development, construction, operation, and maintenance of renewable energy-based power plants in India. Currently, they are in the process of developing a ground-mounted, grid-connected power generating facility in Ottapidaram, Tamil Nadu. The facility will have a total installed capacity of 39MW AC for wind energy and 33.15 MW DC for solar energy. Commercial production at these facilities is yet to commence.
Manali Petrochemicals is a part of AM International Holdings Pvt Ltd and this strategic investment aligns with its commitment to sustainable practices and ensuring a reliable power supply for its operations. Recently, another portfolio company of the group, Tamil Nadu Petro Products Ltd., also signed an agreement to acquire a 2.73 percent stake in Dalavaipuram Renewables Pvt Ltd for captive power generation.
Shares of Manali Petrochemicals closed flat at ₹67.30 on the National Stock Exchange (NSE) on Tuesday, reflecting the stability and confidence of investors in the company’s growth prospects.
With this partnership, Manali Petrochemicals aims to strengthen its renewable energy procurement capabilities and contribute to a greener and more sustainable future.
