Meghmani Organics Ltd, a leading Ahmedabad-based chemicals manufacturer, has entered into an agreement with Pro-Zeal Green Power Fifteen Private Ltd to procure a contracted capacity of 3.30 MW from a Wind-Solar Hybrid (WSH) power project in Gujarat. The move is aimed at supporting Meghmani’s growing energy requirements while advancing its renewable energy and sustainability goals.
Pro-Zeal Green Power Fifteen, a special purpose vehicle set up by Prozeal Green Power Private Limited, is yet to commence commercial operations. To comply with captive consumer provisions under the Electricity Act, Meghmani proposes to acquire a minimum 26% stake in the power project through an investment of approximately ₹3.63 crore, to be made via a combination of equity share capital and compulsory convertible debentures. Following the subscription, the ownership ratio will stand at 26:74 between Meghmani Organics and the promoter. The subscription of securities is expected to be completed within 6–9 months, in one or more tranches.
The announcement had a positive impact on the company’s stock. Shares of Meghmani Organics rose 3.2% on the BSE, logging an intra-day high of ₹62.18 per share. At 12:30 PM, the stock was trading 1.78% higher at ₹61.32, compared to a 0.32% decline in the Sensex at 83,608.25. The company commands a market capitalisation of ₹1,559.45 crore, with a 52-week high of ₹106.03 and a low of ₹57.
Commenting on the development, the company said, “The purpose of this project is to meet rising energy demands while supporting Meghmani’s commitment towards sustainability goals.”
Established in 1986, Meghmani Organics operates globally across 75+ countries. It is a key player in Pigments, ranking among the top three globally for Phthalocyanine-based pigments, and in Agrochemicals, positioned among India’s top ten pesticide producers. Beyond its core segments, the company has expanded into Crop Nutrition and Titanium Dioxide (TiO₂) through strategic acquisitions, aligning with its long-term sustainability vision and the “Make in India” initiative.
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