Apollo Tyres invests in solar energy firm

Leading tyre manufacturer Apollo Tyres Ltd. (ATL) has picked up a 27.2% stake in CSE Deccan Solar, a subsidiary of Cleantech Solar, to get a guaranteed supply of 40 million units of solar power per annum for its Oragadam plant.The plant near Chennai has an installed capacity to produce about 900 tonnes of tyres per day that includes tyres for passenger vehicle and light, medium and heavy commercial vehicles. ATL had invested ₹9.3 crore and the supply is likely to begin from July .Considering that solar power gets produced only for few hours every day, and there is no storage facility available, ATL opted for an offtake of an optimum quantity, which is about 20% of the total requirements in Chennai, it said in a statement.“This investment to secure solar power for our Chennai facility, is one of the several initiatives that we are undertaking towards a sustainable future. The…

Read more…