Chemplast Sanmar announced that it, along with its subsidiary, Chemplast Cuddalore Vinyls, will acquire equity shares in JSW Green Energy Nine, a special purpose vehicle established by JSW Neo Energy for renewable power generation in Tamil Nadu.
The total investment of Rs 30.43 crore will be made in cash, with Chemplast Sanmar acquiring an 18.46% stake for Rs 21.38 crore and Chemplast Cuddalore Vinyls (CCVL) acquiring a 7.81% stake for Rs 9.05 crore.
The special purpose vehicle (SPV) will focus on developing 64.9 MW AC (92.80 MW peak) of solar power capacity and 20 MW of wind power.
The acquisition follows the signing of a power purchase agreement (PPA) with JSW Green Energy Nine, enabling Chemplast Sanmar and CCVL to source renewable energy under the group captive power scheme. This agreement aims to secure long-term access to green energy, reduce carbon emissions, and significantly lower energy costs.
The investment aligns with Chemplast Sanmars sustainability objectives, securing a reliable source of renewable energy for its operations. The SPV will function as a captive power generator, supplying electricity exclusively to the company and its subsidiaries.
Chemplast Sanmar is into the production and sale of speciality chemicals.
The company reported a consolidated net loss of Rs 48.82 crore in Q3 FY25 as compared to a net loss of Rs 89.38 crore recorded in Q3 FY24. Net sales rose 19.1% to Rs 1,057.55 crore in Q3 FY25 from Rs 888.10 crore reported in Q3 FY24.
Shares of Chemplast Sanmar declined 1.30% to Rs 398.45 on the BSE.
