The board of directors of Linde India has approved a proposal for aggregate capital expenditure of Rs 28.7 crore for sourcing renewable power for its merchant air separation units.
The company, in a statement, said it will enter into joint venture agreements with identified solar power generating companies through special purpose vehicles (SPVs) to be set up in due course to qualify as a captive consumer of green energy.
Also read: Most Indian firms able to pay back on artificial intelligence investments in 2 years: Survey
The board, in its December 15 meeting, approved the proposal for aggregate capital expenditure of Rs 287 million (Rs 28.7 crore) for souring renewable power (solar or wind) for merchant air separation units owned or operated by Linde India in Taloja in Maharashtra and Dahej in Gujarat and the under-construction plant in Sri City in Andhra Pradesh, according to the company statement issued on Thursday.
The board has also approved Linde India’s plan to acquire equity in the joint venture SPVs up to a limit of 26 per cent with solar and wind power generators for supply of renewable energy to the air separation facilities, it added.