Gujarat Toolroom buys 65 acre land for Rs 570 crore hybrid energy project

Gujarat Toolroom on Thursday said it has acquired a 65-acre land parcel in Gujarat to set up a green energy project at an investment of Rs 572 crore.

"Upon completion, the Hybrid Power Plant aims to contribute 97.5 megawatts of clean and sustainable electricity to the grid, the company said in an exchange filing.

The company said it aims to set up the plant in 3-5 years.

The company has acquired 65 acres of land on long-term lease in Gujarat for the establishment of Green Energy Hybrid Power Plant Project worth Rs 5.72 billion, it said.

While 60 acres of the acquired land will be dedicated to the installation of solar panels, the remaining will be utlised for essential power management infrastructure, including transformer stations and high-voltage line terminals. The land layout plan includes provisions for the placement of 15 on-shore wind turbines. Each turbine is expected to produce 2.5 megawatts of power per hour.

Ahmedabad-based Gujarat Toolroom is into manufacturing and assembling of industrial machines and equipment.