With the National Company Law Tribunal (NCLT) approving the demerger, all of Emami Cement’s solar power business assets and properties, including a 10 MW grid connected plant in Gujarat and a 3 MW plant in Tamil Nadu, will be transferred to Emami Power.
Emami Power aims to achieve over 300 MW of solar power capacity over the next three years. It has an 11 MW solar power project in the state of Karnataka, and a 22.5 MW project in Uttarakhand. Further, its goal is to develop more solar projects in Indian states. For example, it has already purchased land in the Jodhpur region of Rajasthan to establish future projects under a central or national plan.
The integration of its solar business will help Emami Power meet more production and increase its footprint in India. For the year ended March 31, 2018, Emami Power had a revenue of Rs 326.81 million, with net profit of Rs 23.6 million.
