Jindal Stainless Subsidiary Acquires 40% Stake in Renewable SPV

Jindal Stainless Limited announced that its wholly-owned subsidiary, Chromeni Steels Limited (CSL), has acquired a 40% equity stake in Oyster Green Hybrid Four Private Limited. This special purpose vehicle (SPV), formed in collaboration with Oyster Renewable Energy Private Limited, will develop a 24 MW hybrid renewable energy project. The project aims to meet CSL's power requirements and aligns with Jindal Stainless's commitment to renewable energy and achieving net-zero carbon emissions by 2050. The acquisition involves a cash consideration of ₹1.25 crore, with CSL committed to investing up to ₹12.50 crore in total. Oyster Green is a related party due to a common promoter group, but the transaction is conducted on an arm's length basis. The project is expected to be commissioned by the first quarter of FY 2027-28.