Simplex Castings Ltd has appointed Smita Thakur as a Non-Executive Independent Director to strengthen its governance structure for a five-year term ending June 17, 2031. The appointment, effective June 18, 2026, was approved by the Board through a circular resolution and remains subject to shareholder approval. This strategic move aims to leverage Thakur's expertise in taxation, audit, and banking sectors.

The Board's decision complies with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has disclosed that Thakur holds DIN 11771223 and is not debarred from accessing capital markets or holding directorship positions by any regulatory authority, including SEBI.

Thakur brings extensive experience as the founder of Smita Jain & Co., a proprietorship firm of Chartered Accountants. The firm is empanelled with the Comptroller and Auditor General (CAG), Reserve Bank of India (RBI), and Dena Bank. Her professional background covers tax audits, GST compliance, internal audits for NGOs, and various specialized bank-related audits such as concurrent, stock, and credit risk audits.

The company confirmed that Thakur is not related to any of the Directors or Key Managerial Personnel of Simplex Castings Ltd. The appointment details were submitted to BSE Limited and Calcutta Stock Exchange as part of the regulatory disclosure requirements.

Appointment Details

Simplex Castings Limited has entered into a 25-year Power Purchase Agreement (PPA) with M/s Natraj Energy to supply renewable electricity to its manufacturing facilities in Bhilai and Tedesara. The agreement covers a 5.5 MWp grid-connected solar power plant under the Long-Term Open Access (LTOA) mechanism in Chhattisgarh. This strategic move is expected to deliver annual energy cost savings of approximately ₹2.16 Crores, significantly improving the company's cost structure over the agreement's tenure.

Prior to this arrangement, the company sourced power at ₹9 per unit from the conventional grid. Under the new solar power agreement, Simplex Castings anticipates a saving of close to ₹3 per unit, effectively reducing its net energy cost to ₹5-6 per unit for the same consumption pattern. The arrangement is structured on a cash-neutral basis, allowing the company to participate in the project economics without material upfront capital outlay.

Natraj Energy will assume full responsibility for project development, statutory and regulatory approvals, grid connectivity, and operations and maintenance of the solar facility throughout the 25-year term. The agreement includes robust performance and payment security mechanisms to ensure reliable energy supply.

Financial Impact

The transition to solar power is projected to yield substantial financial benefits for the company. The table below outlines the cost comparison and projected savings:

Ketan Shah, Chairman and Executive Director, stated that the long-term solar power arrangement marks a significant step in the company's sustainability journey. He emphasized that securing clean energy at a predictable tariff over a 25-year horizon strengthens the commitment to responsible manufacturing while meaningfully improving the energy cost structure. Shah noted that the annual savings of approximately ₹2 Crores reflect the tangible financial value of this initiative, which adds to margins alongside environmental benefits.