Rana Sugars earns Rs 11.2 cr from sale of carbon credits
Press Trust of India / New Delhi Sep 07, 2010, 19:19 IST
Rana sugars today said it earned more than Rs 11.2 crore up to 2008-09 fiscal through the sale of carbon credits.
In a filing to Bombay Stock Exchanges, the sweetener manufacturer said it had sold 149,230 units of carbon credits granted by United Nations Framework Convention on Climate Change (UNFCC) for period up to 2008-09.
Carbon credits are a key component of the global attempts to mitigate growth in concentrations of greenhouse gases. One unit of carbon credit is equivalent to one tonne of carbon released in the atmosphere.
The company has sold the carbon credits for Rs 11.2 crore and it is for the first time that the company has earned such huge amount selling carbon credits, the filing said.
Rana Sugars has applied for further carbon credits for the year 2009-10 and 2010-11 fiscal, and it expects to earn more revenues from this in the next two-three months.
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