Binny Ltd to acquire windmill and set up spinning unit

Company is also looking at taking long term lease of 18 MW biomass-based power plant

Binny Ltd is looking at acquiring windmill farm of 37.20 MW from Mohan Breweries and Distilleries Ltd and to lease out 18 MW Biomass power plant owned by Nandha Energy Ltd along with evaluating feasibility for setting up spinning mills manufacturing unit, according to a company announcement.

Mohan Breweries and Nandha Energy are related parties, as the company's board members are present in both these companies, according to the company's annual report for 2012-13.

The board has directed the company to evaluate the feasibility for establishment of Spinning Mills manufacturing unit and later, the proposal shall be recommended to the Board of Directors for approval.

It has also directed the Company to work out modalities for taking long term lease of 18 MW Biomass based Power Plant, it said.