Dalmia Cement (Bharat) Limited (DCBL), a wholly-owned subsidiary, signed a Share Subscription and Shareholders Agreement (SSSHA) on September 18, 2024, to acquire a 26% stake in Solsolis Solar Energy Solutions Private Limited.
This acquisition involves 30,24,000 equity shares worth ₹3.02 crore, which will be completed in multiple stages. The investment aims to secure solar power as a captive consumer for up to 11.2 MW capacity in Odisha. The transaction is subject to customary conditions and is expected to be finalised within eight months.
The proposed acquisition is not classified as a related party transaction. Neither the promoter nor the promoter group companies have any interest in this transaction. The acquisition is conducted at arm’s length. No governmental or regulatory approvals are required for this acquisition. The transaction, subject to customary conditions precedent, is expected to be finalised within eight months.
The acquisition aims to increase Dalmia Cement’s renewable energy sources to support the group’s commitment to achieving 100% renewable energy (RE 100) by 2030 and becoming carbon-negative by 2040. The solar power generated will be used as a captive source under the Electricity Act/Rules.
The acquisition will be made through cash consideration. Dalmia Cement will invest ₹3.02 crore in equity to acquire the stake. The acquisition involves purchasing 30,24,000 equity shares, representing a 26% shareholding in Solsolis Solar Energy Solutions Private Limited.
Solsolis Solar Energy Solutions Private Limited, based in Odisha, India, was incorporated on April 10, 2024. The company operates in the power generation sector. The company, with its registered office in Village Ghuchapalli, Tehsil Padampur, Bargarh, is a Special Purpose Vehicle (SPV) established to set up a solar power project on a captive basis within the state. As it was recently incorporated in the financial year 2024-25, it has not yet recorded any turnover in the last three years.
Dalmia Bharat Limited stands as the fourth-largest cement manufacturer in India by installed capacity, while its subsidiary, Dalmia Bharat Sugar Limited, is one of the country’s fastest-growing multi-product companies in the cane-based industry. The group has established itself as a market leader in Eastern India, holding an 18% market share in the region.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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