The board of Sumeet Industries on Friday, after evaluating a proposal to set up coal-based captive power plant, decided to build a 15-MW power plant with a project cost of ₹75 crore using both domestic and imported coal as fuel. This project may reduce the power cost of the company substantially and save around ₹30 crore a year, it said in a notice to the exchanges. Shares of Sumeet Industries slipped 2.36 per cent to ₹14.45 on the NSE.

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