Textile giant Gul Ahmed approves acquisition of 43.75 acres, renewable energy projects

Gul Ahmed Textile Mills’ board approved buying five plots totalling 43.75 acres at SITE Nooriabad, the company told the Pakistan Stock Exchange on October 26. The decision was taken at a meeting on October 24, and the proposed purchases still require due diligence and completion of corporate, regulatory and legal steps. The plots range in size from 1.75 to 18 acres.

The board also cleared a 7.5-megawatt wind turbine, a solar plant of up to six megawatts and a 20-megawatt-hour battery storage system. Separately, the company said it had completed its purchase of Plot A-44 at SITE Nooriabad, including the land, buildings, plant, machinery and related assets. The announcements combine further industrial land purchases with approvals for renewable power and energy storage.