Amara Raja Batteries Ltd (ARBL) is setting up a 50 megawatt solar power plant in Chittoor district of Andhra Pradesh at a total outlay of Rs 220 crore to support its sustainability initiatives.
This will further reduce cost of power and simultaneously bring down the company's carbon footprint, it said in a statement on Saturday.
Besides, as part of the overall lead procurement strategy, ARBL will set up a greenfield lead recycling unit with a capacity of one lakh tonnes.
"This will help the company comply with recycling standards while adopting advance technology in the most environmentally friendly manner. The total capital outlay for this project is expected to be Rs 280 crore over the next 18 months."
Jayadev Galla, Vice Chairman and Managing Director, said the economy has started showing sharper signs of recovery with reduction in Covid prevalence and ongoing vaccination drive boosting industry confidence.
The rebounding of economy is improving prospects of various market segments, especially those in which the company is operating. The government has also announced many initiatives and Production Linked Incentive (PLI) schemes, which will accelerate the growth of e-mobility and renewable energy markets.
"We are assessing investment opportunities in advanced and futuristic energy storage technologies to address these emerging market segments," said Galla.
ARBL reported net revenue from operations at Rs 1,960 crore in Q3 FY21 as compared to Rs 1,748 crore in the corresponding period of last fiscal. The profit before tax totalled Rs 260 crore as against Rs 217 crore in Q3 FY20.
( With inputs from ANI )
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