Mumbai, June 26 -- The new entity has been formed as a Special Purpose Vehicle (SPV) to develop Standalone Battery Energy Storage Systems (BESS) in Gujarat as part of the government's Tariff-Based Competitive Bidding (TBCB)-Phase VI initiative.

The SPV will operate in the battery energy storage segment, marking HGIEL's strategic entry into the renewable and sustainable energy segment. As a newly incorporated entity, the company stated that there is no immediate financial impact on its consolidated operations.

The SPV has been incorporated with an authorised and subscribed share capital of Rs 15 lakh, comprising 1,50,000 equity shares of Rs 10 each.

Being a wholly owned subsidiary, H.G. Choraniya Bess is classified as a related party un...