Cement Titan’s Rs 3 Crore Solar Deal: 34.52 per cent Stake in Solar Power – What’s Next?
Expanding Green Horizons: Cement Giant Secures 34.52 per cent Stake in Solar Venture for Captive Power in Tamil Nadu!
Dalmia Cement (Bharat) Limited (DCBL), a wholly-owned subsidiary of Dalmia Bharat Limited, has entered into a Share Subscription and Shareholders’ Agreement (SSSHA) to acquire a 34.52 per cent equity stake in Kilavikulam Rajalakshmi Solar Power Developer Private Limited. The acquisition involves purchasing 30 lakh equity shares at Rs 10 per share, amounting to Rs 3 crore. The transaction is expected to close within two months, subject to customary conditions.
Focus on Captive Solar Power
This acquisition aligns with DCBL’s strategy to source solar power as a captive consumer for up to 10 MW capacity in Tamil Nadu. The move is part of the company’s broader goal to achieve 100 per cent renewable energy (RE 100) by 2030 and become carbon negative by 2040.
Financial Details of Kilavikulam Rajalakshmi Solar
Kilavikulam Rajalakshmi Solar Power Developer, established in November 2021, is a Special Purpose Vehicle for setting up a solar power project in Tamil Nadu. The company's revenue grew from Rs 18.86 lakh in FY 2022-23 to Rs 3.27 crore in FY 2023-24, showcasing promising growth in the power generation sector.
Renewable Energy Expansion
Dalmia Bharat Limited continues to strengthen its renewable energy portfolio, having recently commissioned 4 MW of solar power capacity, bringing its total renewable energy capacity to 252 MW. The company aims to achieve a renewable energy share of 40 to 45 per cent in its overall power consumption by the end of FY 2025.
Long-term Vision for Sustainability
The acquisition is a part of DCBL’s long-term vision of enhancing its renewable energy supply and reinforcing its commitment to sustainable and green practices. The company remains focused on its strategy of value-driven growth, maintaining a balance between profitability and sustainability.
This acquisition not only boosts DCBL’s renewable energy capacity but also strengthens its position in the green energy transition, aligning with national and global sustainability goals.
Disclaimer: This article is for informational purposes only and not investment advice.