According to reports, Soon after its foray into solar power production, Oswal Woollen Mills Limited is all set to start a project involving wind power. Known for its rich share in country’s hosiery industry, the business house would set up the Rs 60-crore venture in Tamil Nadu and Karnataka.
Executive director of Oswal Woollen Mills Sandeep Jain said, ”The company has already signed a memorandum of understanding (MOU) with the government of India for this 10 mega watt (mw) project.”
He added that the company had been allotted two and three acres of land in Tamil Nadu and Karnataka, respectively. ”While the government has procured the land, the transfer deed will be signed within the next month,” he added.
While 5mw project would become functional from September 2011, the second phase would see the remaining 5mw venture start working from March 2012. ”The cost of 5mw project is Rs 30 crore,” Jain said.
Notably, the National Thermal Power Corporation and Vidyut Nigam Limited had called tenders for setting up solar energy power plants under the Jawaharlal Nehru solar mission. After bring selected as the only company from Punjab, Oswal Mills signed an MoU with Centre for a 25mw solar power project worth Rs 350 crore.
Talking about the project, Jain said the 5mw venture would go functional in December, followed by another 5mw in June 2012 and the remaining 15mw in 2013.