Published On:April 13 2024
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"National Plastic Technologies Ltd to Invest in Special Purpose Vehicle for Wind Power Purchase"

National Plastic Technologies Ltd. announced today, on April 12, 2024, its participation in a Limited Liability Partnership Agreement with four other partners of Maris Power Trading Company LLP (AAE-2675), a Limited Liability Partnership Firm. The partners include Maris Hotels and Theatres Pvt Ltd, Mr. Hari Govind A, Simta Clear Coats Private Ltd, and Krishi Nutrition Company Private Limited.

Under the terms of the partnership agreement, National Plastic Technologies Ltd. will contribute Rs. 10,000 for a 10% ownership and control stake, along with a 0.01% share in profit/loss of Maris. This investment is aimed at purchasing wind power from Maris under the Group Captive Power Purchase Mechanism, primarily for the company's units located at Irrungattukottai and Hosur.

The power purchase agreement is initially set for a period of one year, with the possibility of mutual extension by the parties involved.

Financial Impact/Benefit: This partnership allows National Plastic Technologies Ltd. to procure up to a maximum of 12 lakh units of wind power initially at a reduced cost compared to TNEB power, thereby lowering overall power costs for the company.

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