Vikas EcoTech Ltd is increasing captive solar power capacity at its facility in Rajasthan as part of steps to enhance reliance on renewable energy and bring down energy costs, a statement said on Monday.
The company manufactures speciality polymers, additives and chemicals for rubber and plastics industries The company, which is listed on both BSE and NSE, said it is adding a solar power capacity of 172 kwp for Rs 1.05 crore at its Shahjahanpur plant in Rajasthan, which will help bring down energy costs by about Rs 21 lakh per annum.
The new solar capacity would be operational by April 2022, the statement said.
The company has installed a solar power generation capacity of 290 kwp at its facilities, and with the new project becoming operational, total energy savings will rise to Rs 50 lakh per annum or 33 per cent of the average electricity costs.
The company mentioned that it aims to enhance its reliance on renewable energy systems targeting electrically self-sufficient manufacturing units by 2025.
The New Delhi-based company has also expanded into new business segments such as infrastructure products like steel pipe fittings, and MDPE pipes for gas applications. Shares of the company closed lower by 3.47 per cent at Rs 5.01 apiece on BSE. The stock declined by 2.88 per cent to end at Rs 5.05 on NSE whose benchmark index plunged by 2.35 per cent.
Source : PTI
