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Tuesday, December 5, 2023

Bharat Serums acquires 26 pc stake in solar power firm

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Bharat Serums and Vaccines on Thursday said it has acquired a 26 per cent stake in AMP  Energy C&I One to support green energy requirements for its manufacturing facility at Ambernath in Maharashtra.

Aimed at driving a comprehensive sustainability blueprint for the future, this investment will help BSV avoid carbon dioxide emissions by as much as 65,60 tonnes of carbon dioxide equivalent (tCO2e) annually over its project life of 25 years.

“This solar project resonates our belief in building a greener environment, judiciously using natural resources and renewable sources of energy while creating measurable social impact,” Bharat Serums and Vaccines (BSV) MD and CEO Sanjiv Navangul said in a statement.

Financial details of the deal were not disclosed.

The acquisition of the solar power firm is in line with the Mumbai-based company’s endeavour to emerge as a carbon-neutral company by 2050, in addition to achieving water neutrality, product stewardship and an integrated management system, the statement added.

“This reaffirms our belief of enhancing our proportion of solar-based power consumption while complying with regulatory requirements of power consumption and contributing in our own humble way towards India’s commitment of achieving 40 per cent of its installed electricity capacity from non-fossil energy sources by 2030,”

Chief Financial Officer Chirag Mehta said.

The company has eight specialised divisions to service domestic market requirements. It also has a significant presence across international markets.

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