CEAT Acquires 26 Percent Shares Of Cleanwin Energy
Published On 05-Oct-2021 11:33:08
Cleanwin Energy is a Maharashtra based company that operates and manages a captive wind power generating plant.
CEAT, the homegrown tyre manufacturer has completed its acquisition of a 26 per cent stake in Cleanwin Energy, which operates, and maintains a captive wind power energy plant in Maharashtra. The company according to this deal, will invest INR 60 lakh in Cleanwin Energy Five LLP and harness energy as per the norms to avail the power for captive use.
Cleanwin Energy's sole objective is to generate renewable energy. It will provide wind-sourced electricity to CEAT’s plants in Maharashtra. At present, CEAT is deriving 25 per cent of its total energy requirement from renewable sources across all its six plants in India. The company plans to double this figure in three years.
Cleanwin will be providing 5 Mega Watt wind power to CEAT plants located in Nashik and Bhandup. It will be an add-on to the already existing solar plants in these manufacturing units.
The CFO, CEAT Tyres, Kumar Subbiah, said that the company is pleased to make this investment, and this is a crucial step towards reducing the carbon footprint by 50 per cent by 2030. He said that it is a great move to develop and exploit renewable sources of energy for a sustainable future.
He further stated that the company will continue to strive for quality and sustainable growth in the Indian market. The firm has continuously made solid efforts in terms of reducing emission, zero effluent discharge, water conservation, solar power adoption and plastic waste management across its branches and manufacturing units in the country.
Reducing carbon footprints helps the companies improve their Environment, Social and Governance (ESG) score, which is being touted, as one of the key metrics for some of the largest investors globally.
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Source: ET Auto