India's Apollo Tyres invests in solar firm to secure green power supply

Tyre production in India. Source: Apollo Tyres Ltd.

January 20 (Renewables Now) - Indian tyre manufacturer Apollo Tyres Ltd (BOM:500877) announced today a INR-93-million (USD 1.2m/EUR 1.1m) investment in a subsidiary of Cleantech Solar to ensure green power supply for its largest production facility in Chennai.

Apollo Tyres said in a statement it will spend the aforementioned sum on a 27.2% equity interest in CSE Deccan Solar and secure a guaranteed annual supply of 40 million kWh of electricity for its plant. The move will raise the share of renewable energy at the particular site to more than 30%.

“The solar power that we are securing with this investment, will help us become self-sufficient for our power requirements for critical equipments, and strengthen our commitment towards reduction of carbon emissions,” commented Sunam Sarkar, president and chief business officer of Apollo Tyres.

The company expects power supply to the Chennai facility to begin in July 2022.

(INR 10 = USD 0.134/EUR 0.118)

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