Sami-Sabinsa Group Invests Rs. 3.30 crore in Captive Renewable Energy to Power its Karnataka Facilities

Sami-Sabinsa Group Limited, a research-focused global health science company, has signed a mutual agreement with O2 Renewable Energy VIII Private Limited to establish a total installed capacity of 240 MW(100 MW of wind and 140 MW AC of solar) for renewable energy generation through non-conventional sources to operate a captive structure on a long-term power supply basis.

Under this arrangement, Sami-Sabinsa Group and its subsidiaries will hold 17% of the equity on a fully diluted basis for the utilization of 8.30 MWDC of renewable energy.Towards this joint venture, Sami-Sabinsa Group this week paid a subscription amount of Rs. 3.30 crore as equity capital.

The renewable energy project is being commissioned in Kotturu and Kudligi Talukas of theBellary District of Karnataka and will power Sami-Sabinsa’s manufacturing facilities in Karnataka. The project is underway and is expected to be completed by January 2024.

Dr. Muhammed Majeed, Founder and Group Chairman, Sami-Sabinsa Group, said, "Sustainability remains an imperative to our overall growth, and we are making strong progress towards our ESG ambitions. On the environmental front, Sami-Sabinsa remains focused on reducing the carbon footprint, promoting environmental conservation, minimising waste, and increasing the resource efficiency and sustainability of the bioresources."

"The investment further demonstrates our commitment to adopting sustainable best practices in every aspect of our business," stated Dr. Vijaya Kumar S., CEO of Sami-Sabinsa Group Limited. Over a 25-year period, the company will procure 300 MU of solar power to fuel its seven production facilities located in Karnataka."

O2 Renewable Energy VIII Pvt. Ltd., a subsidiary of O2 Energy SG PTE Limited, Singapore, is one of the growing renewable energy platforms that has commissioned numerous solar projects for leading business conglomerates in India.