Monte Carlo Fashions Diversifies into Renewables with ₹147 Crore Solar Win

Monte Carlo Fashions Limited, primarily known for its premium apparel brand, has made a strategic entry into the renewable energy sector by securing Letters of Award from Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) for a 35 MW (AC) solar photovoltaic power project under the PM-KUSUM-C scheme. The project, valued at approximately ₹147 crore (including GST), involves engineering, procurement, and construction (EPC) of grid-connected solar plants in one district of Madhya Pradesh. It will be executed within 18 months, followed by a 25-year tariff-based Power Purchase Agreement (PPA), ensuring long-term revenue stability. This marks a significant diversification beyond textiles, aligning with national sustainability goals and leveraging government initiatives to promote solar-powered agriculture. Notably, this is not a related-party transaction, reinforcing transparent and competitive bidding. With this move, Monte Carlo Fashions positions itself as a new player in India’s clean energy space, creating an additional growth avenue while contributing to rural energy security.