India-based Dalmia Bharat Group said that its subsidiary Dalmia Cement (Bharat) has entered into a share subscription and share holders agreement (SSSHA) to acquire a 26 per cent stake in the equity share capital of Truere Surya. The transaction value is INR448m for 44,800,000 shares.

Truere Surya will enable Dalmia Cement (Bharat) to set up a captive solar power project  with a capacity of up to 128MW in Tamil Nadu. This is expected to improve the company’s renewable power supply, supporting the group’s commitment to RE 100 by 2030 and to achieve carbon-negative cement operations by 2040.

"The transaction is subject to customary conditions precedents and expected to be completed within 4-6 months," Dalmia Bharat added.