Greenlam Acquires 26% Stake in Bhadla Minigrid Solar 4

Greenlam Industries Ltd has acquired a 26% equity stake in Bhadla Minigrid Solar 4 Private Limited, a special purpose vehicle (SPV) established for owning and operating a captive power plant. The acquisition involves 20,65,001 equity shares at a cost of ₹10 per share, totaling ₹2,06,50,010. This move is aimed at complying with regulatory requirements for captive power plants under the Electricity Act, 2003, and securing cost-effective renewable energy. Bhadla Minigrid Solar 4 is a newly incorporated entity in India, focused on renewable energy generation, and has not yet commenced operations. The acquisition is subject to the receipt of necessary approvals for open access for captive consumption of electricity.