Gujarat Toolroom said it has acquired a 65-acre land parcel in Gujarat to set up a green energy project at an investment of Rs 572 crore.

"Upon completion, the Hybrid Power Plant aims to contribute 97.5 megawatts of clean and sustainable electricity to the grid, the company said in an exchange filing.

The company said it aims to set up the plant in 3-5 years.

The company has acquired 65 acres of land on long-term lease in Gujarat for the establishment of Green Energy Hybrid Power Plant Project worth Rs 5.72 billion, it said.

"Approximately 60 acres of the land will be dedicated to solar panel installation, capitalizing on Gujarat's ample sunlight to generate clean and sustainable electricity. In addition, the project includes provisions for 15 on-shore wind turbines, strategically placed across the site to harness wind power efficiently," the company said.

Each turbine is expected to produce 2.5 megawatts of power per hour.