The India Cements has entered into energy-supply and share-subscription agreements to acquire a 3.62 per cent stake in Zenataris Renewable Energy, securing 11MW of renewable power for its cement plants.
The Hyderabad-based special-purpose vehicle is developing an Inter-State Transmission System-connected hybrid renewable-energy project at Kudligi in Karnataka’s Vijayanagara district. Electricity will be supplied under a group captive arrangement.
India Cements said the investment would help meet its green-energy requirements, optimise electricity costs and comply with regulatory requirements governing captive power consumption.
The equity investment exceeds INR200m, with completion expected within 120 days of the agreements’ execution. The disclosure did not identify the cement plants receiving power or specify the project’s commissioning date.
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