In a significant step towards sustainability, DCM Shriram Limited has entered into a definitive agreement with JSW Renew Energy Thirty Two Limited for the setting up of a Wind-Solar Hybrid Renewable Power Project. This agreement aligns with the company’s strategy to replace its existing 40 MW coal-based power setup with a 68 MW renewable energy system.
Earlier, Board of Directors approved equity investment of upto Rs.60 crores. The target entity, JSW Renew Energy Thirty Two Limited, was incorporated on August 8, 2024. It focuses on building, owning, and operating renewable energy solutions. This project is expected to be completed by March 2026, with financial backing in cash across multiple tranches.
Cost of acquisition and/or the price at which the shares are acquired: Rs. 57.12 Crore in one or more tranches
Percentage of shareholding / control acquired and /or number of shares acquired: 28 per cent
Indicative time period for completion of the acquisition: March 2026
The target entity, JSW Renew Energy Thirty Two Limited, was incorporated on August 8, 2024. It focuses to build, develop, own, generate, supply, accumulate, transmit, distribute, store, purchase, sell electrical power or any other energy by using conventional and / or non-conventional methods.
