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Rain Cements Ltd (RCL), a wholly-owned subsidiary of Rain Industries Group is in the process of setting up a solar power plant in Andhra Pradesh with an investment of Rs 140 crore.
``In order to enhance its foot print in Renewable Energy, Rain Group, through Rain Cements Ltd, is evaluating the possibility of setting up a 22 MW of solar power plant in Anantapur district of Andhra Pradesh,’’ the Hyderabad-based company informed the Bombay Stock Exchange on Thursday.
RCL had participated in the bids invited by Southern Power Distribution Company Ltd of Andhra Pradesh & Eastern Power Distribution Company Ltd of AP and had qualified in the evaluation process.
``Post completion of detailed site verification and technical evaluation, RCL will execute Power Purchase Agreement,’’ it said. The company already has suitable land to set up the proposed plant in its possession
The board of directors of the company, at its meeting held today, declared an interim dividend of Rs 1/- per equity share (i.e., 50 pc on a face value of Rs 2/- per equity share fully paid up) for the financial year ending on December 31, 2014.
It had also appointed Radhika Haribhakti as an additional director (independent woman director) with immediate effect.
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