INDIA – Bharat Serums and Vaccines Ltd. (BSV), a leading biopharmaceutical company in India, has reaffirmed its commitment to its Environmental, Social, and Governance (ESG) initiatives by investing a wholly owned subsidiary of AMP Energy C&I Private Limited with a 26% stake.
The financial details of the deal were not disclosed.
This will support BSV’s green energy requirements for its Ambernath, Maharashtra, manufacturing facility, and is in line with the company’s goal of becoming a carbon neutral company by 2050.
Besides, this acquisition will aid the company to achieve water neutrality, product stewardship, and an integrated management system.
Furthermore, this investment, which aims to drive a comprehensive sustainability blueprint for the future, will assist BSV in avoiding carbon dioxide emissions by up to 65,60 tonnes of carbon dioxide equivalent (tCO2e) annually over the project’s 25-year life.
Speaking about this, Sanjiv Navangul, managing director & CEO, Bharat Serums & Vaccines Ltd., said, “Sustainability at BSV is all-encompassing, with responsibility towards the environment, workplace, community, and all other stakeholders. We continue to work towards embedding sustainability in whatever we do.
This solar project resonates our belief in building a greener environment, judiciously using natural resources and renewable sources of energy, while creating measurable social impact.”
BSV Chief Financial Officer Chirag Mehta added: “This reaffirms our belief of enhancing our proportion of solar-based power consumption while complying with regulatory requirements of power consumption and contributing in our own humble way towards India’s commitment of achieving 40 per cent of its installed electricity capacity from non-fossil energy sources by 2030.”
Energy efficiency in pharma is core to reduce costs at production plants, R&D centres along with other related operations, marketing and administration.
As India stands at the precipice of rapid growth post the pandemic with its green restart strategies, all eyes are set on the manufacturing sector to spearhead this growth and the move towards sustainability.
The company has eight specialized divisions to service domestic market requirements. It also has a significant presence across international markets.
In the same space, Cipla, one of India’s major pharmaceutical companies, agreed to buy roughly one-third of AMP Energy Green Eleven, in line with the company’s commitment to enhance the share of renewable power source in its operation and to comply with regulatory requirement and cement sustainability in its business.
The move is intended to establish a captive solar power project in the Indian state of Maharashtra.
Liked this article? Sign up to receive our regular email newsletters, focused on Africa and World’s healthcare industry, directly into your inbox. SUBSCRIBE HERE
