Sadhana Nitro Chem to Build Green Hydrogen Plant

07 Dec 2023 CW Team

In a regulatory filing, the company said it "will foray into land green energy for captive usage (self-consumption). The company will set up a green hydrogen facility, based on a solar plant and wind farm with a capacity of 15MW-20MW." The board also approved a rights issue, subject to necessary approvals from regulatory authorities. The rights shares are being offered at Rs 121 per share (a premium of Rs 120), and the company will look to raise up to Rs 499.5 million.

The primary purpose of the rights issue funds is to purchase a 126-acre plot of land.

This land will be strategically utilized for the construction of a wind energy installation as well as a solar power facility.

"These sustainable energy sources will be harnessed to generate electricity, which, in turn, will be utilised for the production of green hydrogen via water electrolysis. This green energy expansion offers the company the strategic advantage of backward integration, with control over its energy supply," the company said.

Any extra green hydrogen generated will be put up for sale to outside customers.

"The decision to venture into green energy aligns seamlessly with our commitment to environmental stewardship and operational excellence.

"Green hydrogen facility is expected to yield substantial cost savings, significantly increasing our bottom line. Beyond financial gains, this expansion offers us a strategic advantage through backward integration, granting us greater control over our supply chain," Abhishek Javeri, Managing Director of Sadhana Nitro Chem, said.

Operating from its 22-acre manufacturing facility in Roha, Maharashtra, is Sadhana Nitro Chem Ltd.

The intermediate specialty chemical manufacturer Sadhana Nitro Chem Ltd announced on Monday that it will build a green hydrogen facility for internal use and initiate a rights issue to raise up to Rs 500 million. In a regulatory filing, the company said it will foray into land green energy for captive usage (self-consumption). The company will set up a green hydrogen facility, based on a solar plant and wind farm with a capacity of 15MW-20MW. The board also approved a rights issue, subject to necessary approvals from regulatory authorities. The rights shares are being offered at Rs 121 per share (a premium of Rs 120), and the company will look to raise up to Rs 499.5 million. The primary purpose of the rights issue funds is to purchase a 126-acre plot of land. This land will be strategically utilized for the construction of a wind energy installation as well as a solar power facility. These sustainable energy sources will be harnessed to generate electricity, which, in turn, will be utilised for the production of green hydrogen via water electrolysis. This green energy expansion offers the company the strategic advantage of backward integration, with control over its energy supply, the company said. Any extra green hydrogen generated will be put up for sale to outside customers. The decision to venture into green energy aligns seamlessly with our commitment to environmental stewardship and operational excellence. Green hydrogen facility is expected to yield substantial cost savings, significantly increasing our bottom line. Beyond financial gains, this expansion offers us a strategic advantage through backward integration, granting us greater control over our supply chain, Abhishek Javeri, Managing Director of Sadhana Nitro Chem, said. Operating from its 22-acre manufacturing facility in Roha, Maharashtra, is Sadhana Nitro Chem Ltd.