India, Aug. 27 -- Pritika Engineering Components, a subsidiary of Pritika Auto Industries, has signed a Memorandum of Understanding (MoU) with Spark Grid Private Limited for the long-term supply of solar power at a competitive rate for 25 years.
The arrangement is expected to generate estimated savings of around Rs 110 crore for the Pritika Group of Industries over the tenure. Of this, Pritika Engineering Components and Meeta Castings are expected to benefit from savings of approximately Rs 70 crore, while the remaining savings will accrue to Pritika Auto Industries.
Under the proposed arrangement, a Special Purpose Vehicle (SPV) will be established for the solar power project. Pritika Engineering Components is expected to hold a 26% equi...