The company's board has approved acquiring up to 27.73 per cent for Rs 12.15 crore in Transition Sustainable Energy Services One Pvt Ltd, a special purpose vehicle incorporated by Brookfield
Hindustan Unilever Ltd. (HUL) has unveiled a strategic alliance with Brookfield to establish a 45 MW solar energy park in Rajasthan. The HUL board has approved the acquisition of up to 27.73 percent for Rs 12.15 crore in Transition Sustainable Energy Services One Pvt Ltd, a special purpose vehicle formed by Brookfield.
Former Economic Affairs Secretary Tarun Bajaj, aged 61, has been appointed as an independent director on HUL's board, effective December 1, 2023, for a five-year term.
The collaboration with Brookfield, a global alternative asset manager renowned for its extensive renewable power platforms, aligns with HUL's commitment to achieving net-zero emissions. The solar project will be developed at the site of Brookfield's larger 550 MW solar park, part of the Brookfield Global Transition Fund.
HUL's CEO and MD, Rohit Jawa, emphasised the role of collaboration in realising net-zero commitments, expressing confidence that this green energy partnership will set the stage for transformative collaborations promoting environmental and economic sustainability.
Brookfield's Managing Director, Renewable Power and Transition, Nawal Saini, highlighted the scale of the partnership, aiming to supply "green energy at scale" to HUL and its suppliers from a centralised location in Bikaner.
The special purpose vehicle (SPV) is established under the government's group captive open-access renewable energy scheme, focusing on generating renewable energy through a 45 MW capacity solar energy park in Rajasthan.
Commenting on Tarun Bajaj's appointment as an independent director, HUL Chairman Nitin Paranjpe acknowledged Bajaj's innate knowledge of the country's economic policies and his significant role in shaping key fiscal initiatives for the Government of India.
In another development, HUL announced key changes to its management committee (MC), stating that its beauty and personal care division will transition into dedicated beauty and wellbeing (B&W) and personal care (PC) businesses, effective April 1, 2024.
Madhusudhan Rao, Executive Director, B&W and PC, will retire, and Harman Dhillon and Kartik Chandrasekhar will join the HUL MC as Executive Directors for B&W and PC, respectively, from April 1, 2024. Additionally, Arun Neelakantan will assume the role of Chief Digital Officer from January 1, 2024.