Alps Industries zooms on energy subsidiary

DALAL STREET SPIKES

Textiles major, Alps Industries shot up by 7.07 per cent to Rs 82.55 a share on news that it had set up a wholly owned subsidiary called Alps Energy to make investments in energy projects. Over 14 lakh shares of Alps Industries changed hands at the BSE.

Alps Energy will be the vehicle for the company's investments in the energy sector. The company is negotiating for the acquisition of hydel power projects alloted in Uttarakhand and Himachal Pradesh. It is also bidding directly for projects that are yet to be allotted.