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Awaiting price reaction for this filing.
The Board of Directors approved the transfer of its 2 MW grid-connected Solar PV project in Odisha (under the PM-KUSUM Component-A Scheme) to its existing wholly owned subsidiary, Source Natural Solar Private Limited, along with granting land usage rights and entering an EPC contract for the project. The Board also approved incorporating a new 100% wholly owned subsidiary in Karnataka to acquire land and develop solar, energy storage, EV charging, wastewater treatment, and solid waste management projects. The company is aggressively expanding its green energy portfolio, having commissioned a 0.5 MW rooftop solar project in Bangalore for an aerospace customer, secured 140 projects under the PM Surya Ghar Yojana in the last two months, and is in advanced discussions for a 0.5 MW Udupi project, a 30 MW Andhra Pradesh project, and 6-8 MW of additional Odisha solar capacity.
The company is doubling down on its renewable energy business by creating dedicated SPVs, which may improve project-level financing and operational efficiency. Shareholders should note the company is increasingly positioning itself in green energy, moving beyond its original herbal supplements identity, though near-term impact on stock price is likely neutral as these are organisational restructuring steps rather than material earnings drivers.