The UN Framework Convention on Climate Change has issued 24,498 carbon credits to Lanco Industries for its clean development mechanism project that aims at reducing greenhouse gases, data from the regulator said.
The 12 mw captive power project generates electricity based on waste heat recovery of industrial gases at Rachhagunneri village in Andhra Pradesh.
The project will help the company earn substantial additional revenue by selling carbon credits generated by the unit.
At the December carbon emission reductions futures price of Rs 1,340 a tonne on the National Commodity and Derivatives Exchange, these credits are worth Rs 33 million.
The Lanco project is expected to reduce 52,330 tonnes of carbon dioxide equivalent emissions annually for a fixed period of 10 years ending September 30, 2016.