Tamil Nadu Petroproducts Ltd. (TPL), had entered into an arrangement with Dalavaipuram Renewables Pvt Ltd (DRPL) to procure up to 59.93 million kWh power (solar and wind) per annum for a cash consideration of ₹13.88 crore.
DRPL was incorporated as a special purpose vehicle to set up a wind and solar captive power plant at Tuticorin and it is operating a plant for the purpose of generating and selling power.
In a regulatory filing earlier, TPL said it has agreed to invest up to ₹13.88 crore, which constitute 2.73 per cent of paid-up equity capital of DRPL, to meet the requirement of captive power generation under Electricity Act, 2003.
Established in 1984, TPL is into manufacture of Linear Alkyl Benzene (used in domestic detergents), caustic soda, and Propylene Oxide. The company also sells Chlorine as a co-product of Caustic Soda.
The company said September 2023 as the indicative period for the completion of the acquisition.
Meanwhile, shares of Tamilnadu Petroproducts Ltd closed at ₹80.20 on NSE, 2.62 per cent higher than Friday’s closing price.