Chennai-based Ramcharan to invest Rs 15k cr for waste-to-energy units

Chennai based chemical distributor Ramcharan will invest Rs 15,000 crore for setting up two waste-to-energy units in Tamil Nadu and Gujarat.

The Tamil Nadu unit comes up in the district of Rameshwaram on a land parcel that spreads across 70 acres. It will be acquired by the company by the end of this month. The Gujarat unit will be set on a plot of a similar size in the Kutch district. The land will be acquired by the end of this month or early next month.

The plants will have an individual investment of Rs 7,500 crore. Both of them will be functioning by the third quarter of 2022, director Kaushik Palicha said.

Palicha's father began chemical trading in Chennai in 1965. The Research and development of Ramcharan have focused on the development of end-of-life chemicals transforming unsegregated waste to energy and new-generation energy storage devices. This was also a major reason for a high valuation and equity partnership worth $4.14 billion with the American fund TFCC International.

'Entity One' is the brand name under which the waste-to-energy products and services are rendered that leave no residues.

A $4.14-billion investment was received by the company in December last year from a New York-based impact fund, TFCC International. The equity consideration was 46 %. This made the company’s value $9 billion.

The company also signed a $2.2-billion deal after a few weeks with the Ghana-based Masri Company for supplying waste to energy units expected to generate 300 MW of power in the African nation. Last week, it had signed a contract worth $700 million for supplying similar units to Azerbaijan-based Kafkans Finanz and it is expected to generate 200 MW of power. These two orders will be finished by mid-2023.

Ramcharan uses technology that has zero toxic residues while being utilised for conversion of unsegregated waste of all kinds into energy. It is also the first of its kind on a global level.

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