Zodiac Energy Limited has entered into an agreement with Amanta Healthcare Limited for the installation of a 10.8 MW solar power plant in Gujarat. The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Project Specifications

The solar power plant will be installed at Village Baroda, Taluka Matar, District Kheda, Gujarat, specifically for electricity generation for captive consumption by Amanta Healthcare Limited. The agreement was executed on January 02, 2026.

Regulatory Compliance Details

As per the regulatory disclosure, Zodiac Energy Limited has no shareholding in Amanta Healthcare Limited. The agreement does not fall under related party transactions, and none of the parties are related to the promoter, promoter group, or group companies of Zodiac Energy Limited.

Strategic Partnership

The installation of the solar power plant will be carried out in accordance with mutually agreed terms and conditions between both parties. This collaboration represents Zodiac Energy Limited's continued expansion in the renewable energy sector, particularly in developing customized solar solutions for healthcare industry clients.

Market Positioning

This agreement strengthens Zodiac Energy Limited's presence in Gujarat's renewable energy market. The project aligns with the state's favorable solar policies and infrastructure development, supporting clean energy initiatives while meeting the specific energy requirements of healthcare facilities through sustainable power generation.

Zodiac Energy Limited has announced the successful conclusion of GST proceedings with a favorable outcome, as the company received an order from Gujarat tax authorities resulting in nil demand and no financial impact.

GST Proceedings Resolution

The company received an order dated December 22, 2023, from the Office of the Assistant Commissioner of State Tax, Jurisdiction: Ghatak-5 (Ahmedabad), Range-2, Division-1, Gujarat, concluding the GST proceedings that were initiated against the company. The proceedings had arisen pursuant to an intimation issued under Section 73 of the CGST Act, 2017, in relation to alleged GST liability for the financial year 2021-22.

Details of the Tax Matter

The tax department had initially issued a Show Cause Notice dated September 01, 2023, under Section 73 of the CGST Act, 2017, alleging discrepancies observed during scrutiny of GST returns for the period from April 2021 to March 2022. The allegations were specifically related to Input Tax Credit (ITC) availed by the company during this period.

Favorable Resolution

Upon due consideration of the company's submissions, the competent authority passed an order concluding the matter with nil demand and nil liability. The Assistant Commissioner has quashed and set aside the Show Cause Notice through Order vide Reference No. ZD240923108013R dated December 22, 2023.

Financial Impact Assessment

The company has confirmed that there is no financial impact resulting from this resolution. Since the Assistant Commissioner of State Tax has quashed and set aside the Show Cause Notice, there is no impact on the financial, operational, or other activities of the company.

Regulatory Compliance

Zodiac Energy Limited made this announcement on December 24, 2023, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company received the order through email on December 22, 2023, and it was forwarded to the authorized officers of the company on December 24, 2023. This favorable resolution demonstrates the company's compliance with tax regulations and successful defense of its GST practices for the financial year 2021-22.