Pritika Engineering Components Limited, a subsidiary of Pritika Auto Industries Limited, has signed a Memorandum of Understanding (MoU) with Spark Grid Private Limited for the supply of solar power to the Pritika Group of Industries for 25 years. The proposed long-term renewable energy arrangement is expected to generate savings of approximately ₹110 crore for the Group over the tenure of the agreement. Pritika Engineering Components Limited and Meeta Castings Limited are expected to account for around ₹70 crore of the estimated savings, while Pritika Auto Industries Limited will receive the balance benefit.
Under the proposed arrangement, a Special Purpose Vehicle (SPV) will be established for the solar power project. Pritika Engineering Components Limited is expected to hold 26% equity in the SPV on behalf of the Pritika Group, subject to applicable approvals, documentation and other conditions. The agreement forms part of the Group’s efforts to improve energy efficiency, manage long-term operating costs and increase the use of renewable power across its manufacturing operations. The 25-year arrangement is also expected to provide greater visibility over energy costs and support the Group’s sustainability plans.
Commenting on the initiative, Harpreet Singh Nibber, Chairman & Managing Director, Pritika Auto Industries Limited, said, “The long-term solar power arrangement marks an important step in our efforts to enhance energy efficiency and create sustainable cost advantages across the Group. With a competitive tariff over 25 years, we expect this to result in savings of around ₹110 crore for the Group, including approximately ₹70 crore for Pritika Engineering Components.”
He added that the proposed SPV structure would allow the Group to participate in the long-term renewable energy opportunity while supporting its wider sustainability objectives. The solar power arrangement is expected to strengthen the Group’s cost competitiveness and increase the contribution of cleaner energy to its overall power requirements.
Pritika Auto Industries is the flagship company of the Pritika Group of Industries, which was established in 1974. The Group has built a presence in machined castings and automotive components, with a focus on the tractor and commercial vehicle segments. Pritika Auto Industries operates manufacturing facilities in Dera Bassi, Hoshiarpur and Mohali in Punjab, and Tahliwal in Himachal Pradesh. The facilities have a combined capacity of more than 72,000 metric tonnes per annum.
The company manufactures products including axle housings, wheel housings, hydraulic lift housings, differential carriers, brake housings, cylinder blocks and crank cases. It supplies components to several major automotive and tractor manufacturers, including Mahindra & Mahindra Swaraj, Swaraj Engines, TAFE, Escorts, SML, Mahindra, TMTL, Ashok Leyland and New Holland Tractors India.
Pritika Engineering Components operates a manufacturing facility in Hoshiarpur, Punjab, with foundry and machining capabilities. Its operations include DISA moulding systems, induction furnaces, cold core box machines and CNC machining facilities. The company also has Lost Foam Casting capabilities for manufacturing complex components. Certified under IATF 16949:2016, the company focuses on lean manufacturing and produces transmission housings, front axle supports, lift housings and front axle beam housings for the automotive and tractor industries.
