Akshar Spintex Moves Towards Solar Power

Corporate Update

Akshar Spintex Moves Towards Solar Power

Rajkot-Based Akshar Spintex Ltd. is installing a solar ground mounted system, as part of its sustainability and cost-efficiency commitments. Said Amit Gadhiya, Managing Director, Akshar Spintex: “In collaboration with Onix Renewable Limited, a renowned name in the renewable energy sector, we are set to implement a solar ground mounted system with a capacity of 7000 KVA, complemented by an 11KV transmission line. This initiative aligns seamlessly with our mission to reduce our carbon footprint and promote energy efficiency.”

The installation process is well underway and is slated for completion by September 2024. Upon its operational commencement, the company anticipates significant environmental and financial benefits. The solar ground mounted system is expected to yield annual cost savings in the range of Rs 8-9 crore, significantly bolstering the company’s profitability and financial sustainability.

This solar initiative qualifies the company for government subsidies and incentives under various renewable energy programmes. “By leveraging these subsidies, we can further enhance our cost savings and ensure a rapid return on investment,” he sated.

Stressing on the company’s sustainability obligations, Amit said, “At Akshar Spintex Ltd, we view sustainability not merely as a corporate obligation but as an integral part of our ethos. By harnessing solar power, we not only reduce our environmental impact but also fortify our bottom line. We firmly believe that responsible business practices pave the way for a brighter, cleaner, and more prosperous future for all.”

Akshar Spintex manufactures a range of cotton and viscose fibres and yarns. In November 2023, the company had received a substantial order for the supply of high quality yarn of the amount of Rs 17.17 lakh from a globally recognised client associated with prestigious fashion labels.

According to Amit, this order has given a boost to the company’s revenue reinforcing financial stability. “Moreover, securing such international orders strengthens our market presence, positioning Akshar Spintex Ltd as a preferred supplier on the global stage. This enhanced market positioning opens avenues for future growth and collaborations within the international textile market.”