DECEMBER 20239TOP STORIESTPREL TO CONSTRUCT 13.2MW CAPTIVE SOLAR POWER FACILITYTata Power Renewable Energy announced on Dec 13 that it has signed an agreement with the group of Dr. Abhay Firodia (Force Motors Ltd and Jaya Hind Industries Pvt Ltd) to develop a 13.2 MW captive power plant. Tata Power Renewable Energy Ltd (TPREL)and Dr. Abhay Firodia signed a Power Distribution Agreement (PDA) to supply green power for 25 years under the Captive group. planning, According to a statement from the company.Power plants are developed for joint use by several customers under a specific group approach. This partnership represents a major step forward in advancing sustainable energy solutions for the industry.Under the agreement, Force Motors Ltd, a fully vertically integrated automobile company, will use 6.2 MW AC power and consume 13.64 million units (MUs) annually. The other group company, Jaya Hind Industries Private Ltd, will use 7.0 MW AC power, consuming 15.40 MUs annually.Located at Achegaon in Maharashtra, this solar plant has a capacity of 13.2 MW AC, generating 29.04 MUs of power annually, and it is expected to reduce carbon emissions by approximately 21,200 metric tonnes per year. The project is scheduled to be completed within 12 months of signing the power delivery agreement.TPREL will oversee the development, management, and maintenance of the group's captive solar plant. Force Motors Ltd and Jaya Hind Industries Private Ltd would benefit from the plant's clean and reliable power supply and have the chance to actively contribute to environmental sustainability.Deepesh Nanda, CEO & MD of Tata Power Renewable Energy, said in the statement, "It will set new benchmarks in the automotive sector towards adoption of clean energy for an environmentally conscious future." SNITCH SECURES RS.110 CRORE IN ITS SERIES A FUNDING ROUNDOn Dec 13, the Snitch brand received Rs 110 crore in Series A funding led by SWC Global and IvyCap Ventures. The investment, backed by angel investors, will leverage Snitch's talent, technology and physical marketing strategy, Snitch said in a statement.Snitch opened its first store in Bangalore, and the online platform strengthened its digital presence with over 2 million app downloads. Most of Snitchand's sales come from its website and app, supported by offline activities and partnerships with popular online marketplaces."Snitch has served a vast array of pin codes across India, underlining its wide reach and commitment to quality and innovation," said the company in a press release.Snitch has successfully surpassed a turnover of over 100 crores in the fiscal year 2023, surpassing the anticipated growth of more than 100% in the fiscal year 2024. Additionally, Snitch is poised for further expansion with plans to inaugurate over 100 offline stores nationwide within the next 4-5 years.Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, said, "We invested in this exceptional company, recognizing their ability to not just stay on top of the trends but to create them, propelling them to the forefront of their industry.""This round of funding, especially in a challenging financial environment, is a testament to our resilience and the strength of our business model," said Siddharth Dungarwal, founder of Snitch. "We are focused on delivering great value through our online platforms, and with our rapid offline presence, we are laying the foundation for future growth. We are excited to continue setting new standards for retail excellence and customer satisfaction," he added.
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