Surat: At the Economic Master Plan event for the Surat Economic Region (G-Hub), organized by Gujarat's Department of Energy and Petrochemicals, KP Group, a prominent player in the renewable energy sector, announced a significant investment through a 7,175 crore MoU. The agreement was signed in the presence of Minister Kanubhai Desai and Additional Chief Secretary S.J. Haider (IAS), with KP Energy's Whole Time Director Affan Faruk Patel, representing KP Group and Director Ajay Prakash (IAS) representing Government of Gujarat.

 

KP Group will undertake four projects in Bharuch, including three initiatives for the Gujarat Energy Development Corporation (GUVNL): a 250 MW solar project, a 370 MW hybrid (solar-wind) project, and a 50 MW hybrid project, with an estimated project cost of 3,975 crore. Additionally, a green ammonia production facility with a capacity of 50,000 tonnes will be established at a cost of 3,200 crore, supported by a 332 MW solar power project. The company aims to complete these solar and hybrid projects by 2025.

It's noteworthy that KP Group has previously signed a 17,600 crore MoU, which is currently underway. Three of its companies—KPI Green Energy, KP Energy, and KP Green Engineering Limited—are publicly traded, collectively boasting a market capitalization of 18,000 crore. Promoter Dr. Faruk G. Patel recently earned recognition as the second richest person in Surat and the sixteenth in Gujarat, according to Hurun India's rankings.