Varroc Engineering's Shares Hit 52-Week High on Renewable Power Agreement

4 Oct 2023 , 12:46 PM

Varroc Engineering shares initially surged 2.9% and hit a new 52-week high on October 4 but later traded flat. Varroc Polymers, a subsidiary of Varroc Engineering, enters a power purchase agreement with AMP Energy C&I Six and AMP Energy C&I Five SPVs to source power.

The SPVs will establish renewable power plants in Karnataka and Tamil Nadu with captive capacities of 30 MWp and 21 MWp respectively under the captive power scheme. Varroc Polymers is set to acquire a 1% stake in AMP Energy C&I Six for Rs 40 lakh and a 3% stake in AMP Energy C&I Five for Rs 80 lakh.

This agreement will allow Varroc Polymers to source solar power for its manufacturing plants in Karnataka and Tamil Nadu.

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