KEI Industries has announced plans to invest ₹5.9 crore in Solarcraft Power India 24 Private Limited as part of its strategy to increase the use of renewable energy across its operations.
The company has entered into a Share Subscription and Shareholders’ Agreement along with a Solar Power Purchase Agreement to source captive solar power from a proposed project in Rajasthan.
Under the agreement, KEI Industries will acquire a 26% stake, along with other captive users, in Solarcraft Power India 24 through investment in equity shares and compulsory convertible debentures. The total investment of ₹5.9 crore will be made in one or more tranches.
The arrangement will enable the company to procure power from a solar project with a planned capacity of up to 11.25 MW in Rajasthan. KEI stated that the acquisition has been undertaken to enhance access to renewable energy and further its commitment towards cleaner and sustainable power consumption.
The company also clarified that the transaction does not qualify as a related-party transaction and that neither its promoters nor promoter group entities have any interest in the target company.
Solarcraft Power India 24 has been incorporated as a special purpose vehicle for setting up a captive solar power project in Rajasthan.
The company operates in the renewable power generation sector and was established specifically for developing solar energy infrastructure.
The proposed transaction is expected to be completed within 90 days, subject to customary conditions precedent. By securing access to captive renewable power, KEI Industries aims to reduce dependence on conventional energy sources while improving the sustainability profile of its manufacturing operations.
The move reflects a broader trend among industrial companies that are increasingly investing in captive renewable energy assets to manage power costs, improve energy security, and advance environmental commitments.
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As of 20 May 2026, at 3:30 PM, KEI Industries share price closed at ₹5,119.80 per share, reflecting a surge of 0.74% from the previous closing price.
KEI Industries’ investment in Solarcraft Power India 24 is expected to strengthen its renewable energy portfolio and provide long-term access to solar power, supporting the company’s sustainability and energy transition initiatives.
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Published on: May 21, 2026, 9:18 AM IST
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