Jindal Stainless Acquires Stake in Oyster Renewable Energy SPV

Jindal Stainless Limited has acquired a 33.64% equity stake in a special purpose vehicle (SPV) named Oyster Green Hybrid One Private Limited. The SPV has been formed in partnership with Oyster Renewable Energy Private Limited to develop a 282 MW hybrid renewable energy project.

Jindal Stainless Stake Acquisition in SPV

The energy generated by this project, estimated at around 700 million units annually, will be used to supply power to Jindal Stainless’ manufacturing plants. The company stated that this step is part of its plans to secure a more stable and cost-efficient energy supply.

Investment and Timeline

In the current phase, Jindal Stainless has invested ₹79.20 crore. The total planned investment in the project stands at ₹132 crore. The company expects the project to be completed and operational by the third quarter of the financial year 2025-26.

Transaction Structure

Although Oyster Renewable is considered a related party due to common promoters, the transaction was carried out on an arm’s length basis. This was disclosed in the company’s exchange filing on Monday.

Share Price Performance

As of 10:43 AM on June 03, 2025, Jindal Stainless share price was trading at ₹659.10, a 2.50% increase, with an 8.07% decline over the past 6 months and an 18.06% drop over the past year. 

Jindal Stainless Goals

The company has publicly communicated its intention to reduce its reliance on grid-based energy over time. This project is among the steps being taken to transition to a mix of energy sources for industrial operations.

Read more: Jindal Stainless Expansion Plans: Seeking Land Worth ₹40,000 Crore in Maharashtra!

Conclusion

With the acquisition of a 33.64% stake in the 282 MW hybrid project, Jindal Stainless has formalised its participation in the SPV’s renewable power development. The full commissioning is expected in FY26, with power output directed towards internal use at its manufacturing facilities.

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