Speciality chemicals company Anupam Rasayan has issued a letter of intent to install solar power by investing a sum of Rs 43 crore.
The entire capital expenditure will be funded from the company's recently concluded IPO proceeds.
The size of the plant will be 12.5 megawatts.
Managing Director Anand Desai said the solar plant will help the company rationalise its energy costs through an estimated saving of Rs 10 crore per annum for the next 25 years.
"This is a significant step in terms of ensuring undeterred power supply and transitioning towards a cleaner source of energy," he said. "It is important for industry players like us to be price-sensitive as well as minimise carbon footprints."
The company makes products for more than 53 domestic and international customers, including 17 multinationals.
Anupam Rasayan has two verticals: life science related specialty chemicals comprising products related to agro-chemicals, personal care and pharmaceuticals, and other specialty chemicals comprising specialty pigment and dyes besides polymer additives.
It currently operates out of six multi-purpose manufacturing facilities based in Gujarat with an aggregate installed capacity of 23,438 tonnes.
The company has clients like Syngenta Asia Pacific, Sumitomo Chemical Company and UPL Ltd across Europe, Japan, the United States and India.
Anupam Rasayan started operations in 1984 with conventional products and has now carved a niche for itself into speciality chemicals that involve multi-step synthesis and complex chemistries such as etherification, acylation, cyclisation, diasotisation and hydrolysis.
( With inputs from ANI )
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