Ashnisha Industries has formalized a preliminary agreement with the Gujarat government, outlining plans to establish renewable energy (RE) projects within the state, during the Vibrant Gujarat Global Summit 2024. As per the details disclosed in an official exchange filing, the company is slated to embark on the development of a solar power plant, reflecting on a substantial investment of Rs 60 Crore for the undertaking. The proposed initiation of this pioneering project is set for the year 2025.
Ashnisha Industries, a player in the industrial landscape, specializes in the manufacturing and supply of high-quality steel and steel alloys. The company’s strategic vision extends beyond traditional manufacturing, as evidenced by its recent venture into renewable energy with the planned establishment of a 3-megawatt solar power plant in Surendranagar District.
The Vibrant Gujarat Global Summit 2024, a biennial event, served as a platform for global business leaders, policymakers, and experts to converge and explore investment opportunities. Hosted in Gujarat, India, this summit facilitated dialogue on economic development, innovation, and sustainable growth.
The accord, on the other hand, forged between Ashnisha Industries and the Commissioner of Municipalities Administration under the aegis of the Government of Gujarat, came to fruition amid the proceedings of the Vibrant Gujarat Global Summit 2024. In accordance with the MoU, the state administration has committed to extending its backing to the company by facilitating the acquisition of essential permissions, registrations, approvals, and clearances from pertinent government departments, as stipulated in the official statement.
Previously, the corporation had entered into a Letter of Intent (LOI) expressing its intention to acquire a parcel of land located in the Surendranagar District. The purpose behind this acquisition is to set up a solar power facility boasting a substantial capacity of 3 megawatts.
