Pritika Engineering Components, a subsidiary of Pritika Auto Industries, has signed a Memorandum of Understanding (MoU) with Spark Grid for the supply of solar power at a competitive rate over a period of 25 years.

The long-term solar power arrangement is expected to deliver significant cost efficiencies for the Pritika Group of Industries, with estimated savings of approximately Rs 110 crore over the 25-year tenure. Of this, Pritika Engineering Components and Meeta Castings are expected to benefit with savings of approximately Rs 70 crore and Pritika Auto Industries would benefit the balance savings for the same period.

As part of the proposed arrangement, a Special Purpose Vehicle (SPV) will be established for the solar power project. Pritika Engineering Components is expected to hold 26% equity in the SPV on behalf of the Pritika Group of Industries, subject to the completion of applicable approvals and documentation.