The Gadoon Textile Mills Limited (GTML) planned to develop a 50 megawatt solar power plant to generate clean renewable energy, the company said on Monday, January 22, 2018.
“The board of directors has resolved to pursue the potential development of a 50 megawatt solar power project as part of company’s long-term strategic growth plan,” the Gadoon Textile Mills Limited said in a statement issued to the Pakistan Stock Exchange (PSX). The bourse filing also added that the project would be developed by way of acquisition or investment in an undertaking in this respect or otherwise as may be deemed fit, subject to compliance with applicable laws.
Mohammad Sohail Tabba, chief executive officer Gadoon Textile Mills Limited, in the company’s quarterly report, had said the directors have decided to make strategic equity investment jointly with other associated undertakings in two wind power projects of 50 megawatts each. The company is also planning to replace old technology machines with new technology to become more effective and efficient, and be able to compete with its regional competitors.
The Gadoon Textile Mills Limited, a Yunus Brothers Group company, is in the business of manufacturing and processing all types of cotton and man-made fibers, thus operating in the B2B sector of the industry. Its clients include some of the biggest names in the textile industry of Pakistan and abroad.
For the quarter ended September 30, 2017, the company had posted a net profit of Rs160.76 million. Solar mapping conducted by National Renewable Energy Laboratory (NREL), USA, in collaboration with USAID, has indicated a potential of 2.9 million megawatts in Pakistan.