Dalmia Bharat Ltd Subsidiaries to Acquire Stake in Three SPVs for Renewable Power Supply

Dalmia Bharat Ltd announced that its subsidiaries, Dalmia Cement (Bharat) Limited and Dalmia Bharat Green Vision Limited, have entered into Share Subscription and Shareholders’ Agreement to acquire stake in three Special Purpose Vehicles (SPVs) of Velan Infra Projects Pvt. Ltd. The acquisition is aimed at sourcing solar power as a captive consumer for a capacity up to 32.00 MW located in the State of Tamil Nadu. The transactions are subject to customary conditions precedents and expected to be completed within 3 months. The cost of acquisition is Rs. 10.8 Crore and Rs. 3.0 Crore for two of the SPVs, with a post-acquisition stake of 36.00% and 30.00% respectively. The third SPV, Arunachalam Solar Power Private Limited, is expected to be incorporated during FY 2024-25.