Poly Medicure Signs JV with AMPIN to Set Up Captive Solar Plant in Haryana
Poly Medicure Ltd., a Delhi-based medical devices manufacturer, has entered a joint venture with AMPIN C&I Power Pvt. Ltd. to establish a captive solar power plant that will supply energy to its manufacturing facility in Haryana.
January 13, 2025. By Mrinmoy Dey
Accordingly, the companies have entered into a joint venture agreement. And, the JV company will set up a captive solar plant in Haryana to supply power to the Poly Medicure.
“A Joint Venture Agreement has been entered between, Poly Medicure Ltd. and AMPIN C&I Power Pvt. Ltd., engaged in the business of developing, constructing, operating and maintaining renewable energy projects and the captive user is in the business of production and supply of industrial and atmospheric gases in India by passing a circular resolution on January 10, 2025, to form a Joint Venture Company for the purpose of setting up a Solar Power Project, which will be set up to supply power to the company as a captive generating plant for companies’ manufacturing facility, in Haryana, India,” Poly Medicure stated in a regulatory filing.
Pursuant to the said JV Agreement, the proposed JV Company will be 26 percent owned by Poly Medicure and 74 percent owned by AMPIN C&I Power Pvt. Ltd.
As per the company’s Business Responsibility and Sustainability Report 2023-24, the company has consumed 186,302 Gigajoules of energy of which the share of RE is 5,012 Gigajoules. “We prioritise energy management through renewable energy adoption, such as solar power, and optimise energy use with efficient lighting and HVAC systems. By monitoring consumption and embracing emission-reducing technologies like CNC machines, CNG vehicles, and PNG gensets, we minimise environmental impact,” it said.
Earlier this month, Bharti Airtel acquired a 26 percent stake in AMP Energy Green Three for INR 37.89 crore to secure renewable energy from a 50 MW hybrid plant in Rajasthan.
In October 2024, Kolkata-based Ramkrishna Forgings approved an investment of INR 12.90 crore in the form of equity and debentures in a special purpose vehicle (SPV) of Ampin Energy Transition for procurement of solar power under the captive generation scheme.
In a similar move, Strides Pharma Science invested INR 1.61 crore for a 2.48 percent stake in AMPIN Energy C&I One to procure solar power for its Chennai facility.
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