Packaging Solutions Company Uflex to Procures Solar Energy from Amplus Solar
Noida-based Uflex Ltd., a packaging solutions provider, has partnered with Amplus Solar to procure solar energy to meet green energy needs and optimize energy costs. To fulfil the requirement of captive power consumption under electricity laws it picked up 17.75 percent stake in Amplus Phoenix Energy for INR 11.67 crore.
December 20, 2024. By Mrinmoy Dey
Accordingly, the company has signed a power purchase agreement with Apmplus and has acquired 9.49 percent equity stake in Amplus Phoenix Energy Pvt. Ltd. for INR 6.24 crore.
On December 20, 2024, the company has executed an agreement to pick up another 8.26 percent stake with an investment aggregating to INR 5.43 crore.
“Post acquisition of said equity shares, the total shareholding of Uflex Ltd. in Amplus Phoenix will be 1,16,69,603 equity shares of face value of INR 10 each, representing 17.75 percent of the total issued and subscribed share capital of Amplus Phoenix,” the company stated in an exchange filing.
It further mentioned the objective behind the acquisition is to meet the green energy needs; optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws.
In November, Covestro (India) partnered with Amplus Solar Shakti in a 25-year solar power agreement to source 60 percent of its Greater Noida facility's energy needs, aiming to reduce CO2 emissions by up to 5,000 tons annually and enhance sustainability.
Earlier in May, Amplus announced the successful commissioning of its 73.4 MWp Project Lakshmi, an intra-state open-access solar plant in Jhansi, Uttar Pradesh. Project Lakshmi marked Amplus's third solar open- access plant in Uttar Pradesh, following the success of Project Mirza and Project Deoria.
It also elevated operational open-access capacity of Amplus in Uttar Pradesh to over 200 MWp, consolidating its position as a leading provider of clean energy solutions to commercial and industrial customers in the state.
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