Kolkata-based Stone India Ltd said it will enter solar power projects through its recently created special purpose vehicle (SPV) called Stone Solar Pvt Ltd.
Stone Solar will set up a number of solar farms at rooftop locations and vacant lands. It has submitted its initial proposal of 1 MW plant at West Bengal for pre-registration under Jawaharlal Nehru National Solar Mission scheme.
On a medium term, in addition to setting up of such solar projects, Stone Solar will venture into manufacturing of photovoltaic module (PV) modules, grid connected converters as well as consulting & execution of turnkey projects, the company said in a regulatory filing.
On Wednesday, Stone India shares fell 2.6% to Rs63 on the Bombay Stock Exchange, while the Sensex ended at 0.3% down at 17,938 points.
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