Primo Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on May 05, 2026.
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Primo Chemicals Limited's board has approved investment in TPCS Private Limited, a Special Purpose Vehicle (SPV) incorporated on February 13, 2026. The company will acquire a 26% equity stake for Rs. 21 crores. TPCS is being set up to own and operate a 50 MW Solar Power Plant under captive mode on OPEX model. The other shareholders are Arpa Infrastructure Developers Private Limited (51%) and Sun Photonics Private Limited (49%). The deal is not a related party transaction. Upon commissioning, the solar plant is expected to generate cost savings of up to Rs. 24 crores per annum. Power Purchase Agreement and Share Subscription agreements are still being executed.
This investment marks Primo Chemicals' entry into renewable energy, diversifying beyond its core chemical business. The captive solar plant could significantly reduce operational costs, potentially improving margins. However, this is a medium-term initiative as the plant is still under setup.