Concord Biotech invests Rs 6.3 crore in FSGE for hybrid wind-solar power at Gujarat facility
scanx.tradeConcord Biotech is putting Rs 6.3 crore into FSGE Renewable Power Private Limited for a 27.38% stake. The money will fund a 6.3 MW wind and solar hybrid project at the company's Limbasi facility in Gujarat. The goal is to cut energy costs and lower the carbon footprint. FSGE was set up in August 2023 and has not started operations yet. After the deal, FSGE will become an associate company of Concord Biotech. The transaction is a related party deal and will be paid in cash. No timeline has been given for when the hybrid project will start generating power. The move fits a broader trend of Indian manufacturers investing in on-site renewables to manage electricity expenses and meet sustainability targets. More details on construction and commissioning dates would help assess the project's real impact.