Sangam (India) Limited , a prominent textile manufacturer, continues to strengthen its commitment to sustainable energy by entering into a new EPC contract for solar power generation. The company has signed an agreement with IB Vogt Solar India Private Limited for the installation of a 27.00 MWp solar power plant, further expanding its renewable energy portfolio following its earlier strategic acquisition in the green energy sector.

Latest Solar Power Development

Sangam (India) Limited has entered into an EPC Contract with IB Vogt Solar India Private Limited for setting up a 27.00 MWp solar power plant with a variation of ± 5%. The solar installation will be located at Village Sangarh, Tehsil Fatehgarh, District Jaisalmer in Rajasthan, designed specifically for captive consumption to support the company's manufacturing operations.

Strategic Renewable Energy Initiatives

This latest development builds upon Sangam's earlier renewable energy initiatives. The company had previously acquired a stake in CGE II Hybrid Energy Private Limited through strategic agreements approved by its Investment and Borrowing Committee. The earlier acquisition involved:

• Power Consumption Agreement with CGE II Hybrid Energy Private Limited
• Share Purchase & Shareholders Agreement with CGE II Hybrid Energy Private Limited and Continuum Green Energy Limited

Comprehensive Energy Strategy Benefits

Regulatory Compliance

The company has maintained full regulatory compliance by informing stock exchanges about both renewable energy initiatives under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notifications were made in accordance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Sangam (India) Limited's dual approach to renewable energy—through strategic partnerships and direct solar installations—demonstrates a comprehensive commitment to sustainable manufacturing. This multi-faceted strategy positions the textile manufacturer to achieve significant energy independence while contributing to environmental sustainability goals in the industry.

Sangam (India) Limited , a prominent player in the textile industry, held its 39th Annual General Meeting (AGM) on September 19, where shareholders approved several significant resolutions. The meeting, conducted through video conferencing, saw the company taking important decisions that will shape its future trajectory.

Financial Performance and Dividend

Shareholders adopted the audited financial statements for the year ended March 31, both on a standalone and consolidated basis. In a move that will please investors, the company declared a dividend of Rs. 2.00 per equity share, demonstrating its commitment to shareholder returns despite the challenging business environment.

Board Appointments and Re-appointments

Re-appointment of V.K. Sodani

Mr. V.K. Sodani, who serves as the Executive Director and CEO of the Fabric & Garment Business, was re-appointed as a Director liable to retire by rotation. With over 27 years of experience in the textile sector, Mr. Sodani brings valuable expertise in domestic and international marketing to the company's leadership.

Re-appointment of Sudhir Maheshwari as Independent Director

Shareholders approved the re-appointment of Mr. Sudhir Maheshwari as an Independent Director for a second term of five years, from August 1 to July 31. Mr. Maheshwari, a chartered accountant and company secretary with 37 years of global experience, is currently the Founder and Managing Partner at Synergy Capital. His extensive background includes a pivotal role in the creation of ArcelorMittal, the world's largest steel company.

Corporate Governance and Compliance

Appointment of Secretarial Auditors

The AGM saw the appointment of M/s. B.K. Sharma & Associates, Company Secretaries, as the Secretarial Auditors for five consecutive years. This appointment underscores Sangam (India) Limited's commitment to maintaining high standards of corporate governance and regulatory compliance.

Ratification of Cost Auditors' Remuneration

Shareholders also ratified the remuneration of Cost Auditors, ensuring transparency in the company's financial practices.

Looking Ahead

The approvals granted at the AGM reflect Sangam (India) Limited's focus on maintaining strong corporate governance, rewarding shareholders, and positioning itself for future growth in the competitive textile industry. With experienced leadership at the helm and a clear strategic direction, the company appears well-positioned to navigate the challenges and opportunities in the coming years.

As Sangam (India) Limited moves forward, stakeholders will be keenly watching how these decisions translate into business performance and value creation in the dynamic textile market.