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Hatsun Agro Product Ltd has expressed their intention to sell 24 MW of wind power capacity it has, the company told the stock markets today.
Asked about the move, RG Chandramogan, Chairman, Hatsun Agro Products, told businessline that the company would rather buy power from solar power plants.
Hatsun is the fourth largest dairy products producer in India (after the cooperatives Amul, Mother Dairy and Nandini) and the largest in the private sector. It sells ice-creams under the Arun brand and at Ibaco outlets. As such, the demand for electricity from its ice-cream plants begins to peak from April, just as the summer starts.
The overall annual electricity consumption of the company is around 9 crore kWhr.
Also read: ‘It’s fear of the unknown’: Hatsun chief’s take on Amul vs Aavin, Nandini
However, the wind farm generates most electricity only in the few months from June. Hence, the company has decided to sell off the wind farm, which was set up in 2017, and instead buy power from solar plants under bilateral deal.
Chandramogan said that power supply from a 25 MW plant had been contracted, and another 25 MW is under negotiations.
Hatsun also sells a range of products such as milk, yoghurt, cheese, buying milk from around 4,00,000 farmers, mostly in the south. For 2022-23, the company reported turnover of ₹7,257 crore and net profit of ₹165 crore.
On Thursday on the NSE, the company’s share price (₹1 face value) closed at ₹932.75, which was ₹48.10 (5.44 per cent) higher than the previous close.
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