Gul Ahmed approves land acquisition, renewable projects

Company completes acquisition of Plot A-44 in Nooriabad and approves five additional plots, alongside wind, solar and battery storage installations Gul Ahmed Textile Mills Limited has approved the acquisition of five industrial plots measuring a combined 43.75 acres at SITE, Nooriabad, alongside renewable energy projects comprising 7.5 MW of wind power, up to 6 MW of solar capacity and a 20 MWh battery energy storage system. In a disclosure to the Pakistan Stock Exchange (PSX), the company said its board approved the transactions at a meeting held on October 24, 2026. The proposed land acquisitions include Plot B-80A measuring 12 acres, B-153 measuring 18 acres, B-236 measuring 4 acres, A-473 measuring 8 acres and B-268 measuring 1.75 acres. The acquisition of Plot B-80A includes the land, building, allied equipment and fittings. All five transactions remain subject to due diligence and completion of the necessary corporate, regulatory and legal formalities. Separately, the company confirmed completion of its previously announced acquisition of Plot A-44 at SITE, Nooriabad, District Jamshoro, including the land, building, plant, machinery, allied equipment and fittings. The transaction was initially disclosed on November 20, 2025. The board also approved the installation of a 7.5 MW wind turbine from Goldwind through Orient Energy Systems (Private) Limited. The solar project will have a capacity of up to 6 MW, using panels supplied by JinkoSolar Holding Co., Ltd., with local works to be undertaken by A2Z Energy Systems (Private) Limited. In addition, the company approved a 20 MWh battery energy storage system with a 0.5C rating from Sungrow Power Supply Co., Ltd., through Orient Energy Systems. The company's chief executive officer has been authorised to complete the necessary transactions and formalities independently. Chief Financial Officer Muhammad Kashif Riaz and Company Secretary Salim Ghaffar have also been authorised to act jointly for the same purpose. The disclosure did not specify the financial value of the land acquisitions or renewable energy projects.