Paramount Textile PLC, a publicly traded company, is making significant strides in the renewable energy sector by investing Tk29 crore in solar energy. The company plans to acquire around 2.90 crore ordinary shares in Paramount Solar Limited at a face value of Tk10 each, boosting its stake in the solar firm to 99.99%.
This investment aligns with Paramount Textile’s strategy to diversify its portfolio through renewable energy initiatives. Previously, the company has invested in several solar energy projects, including Paramount BTrac Energy Ltd and Dynamic Sun Energy Pvt. Limited. In January, the company increased its stake in Dynamic Sun Energy to 60% by acquiring additional shares.
Paramount Textile also owns a 100 MW solar power plant in Pabna, Bangladesh, demonstrating its commitment to expanding its presence in the renewable energy sector. Despite these investments, the company’s shares experienced a slight decline of 1.94%, closing at Tk45.60 per share.
These moves reflect Paramount Textile’s focus on diversifying into sustainable energy solutions while maintaining its textile operations, positioning it as a key player in Bangladesh’s renewable energy market.
