Tamilnadu Petroproducts Limited (TPL) has announced that it will invest in a solar power project through Navia Three Power Private Limited (NTPPL) to get into the business of renewable energy. The move’s goal is to get factories clean, cheap electricity.
26% Stake for Captive Power Benefits
TPL intends to acquire up to a 26% equity stake in Navia Three Power Private Limited. This investment will help the company qualify as a captive power consumer under the Electricity Act, 2003. Captive user status provides regulatory advantages while ensuring a stable and economical electricity supply.
As part of the arrangement, TPL will procure around 19.8 megawatt-peak (MWp) of solar capacity on a DC basis, equivalent to about 13.2 MW on an AC basis. The company has promised to spend up to ₹7.32 crore to support this capacity. The money will be given in several installments as payment for buying NTPPL equity shares.
About Navia Three Power
Navia Three Power Private Limited was set up on August 12, 2024, as a special purpose vehicle. The company is based in Gurgaon, Haryana, and its job is to build power generation projects that use both wind and solar energy in Tamil Nadu. Because NTPPL is still in the early stages of business, its most recent financial statements don’t show any sales.
No Related Party Involvement
TPL clarified that the proposed transaction does not fall under related party transactions. The company stated that none of its promoters, promoter group entities, or group companies has any interest in Navia Three Power Private Limited. This ensures regulatory compliance and transparency.
Completion Timeline
The deal should be done by September 2026 or sooner. Sangeetha Sekar, the Company Secretary of Tamilnadu Petroproducts Limited, signed the disclosure in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
TPL wants to get reliable renewable energy, lower its power costs, and improve its long-term sustainability and operational efficiency strategy through this investment.
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