Jindal Stainless acquires stake in renewable energy SPV

3 Jun 2025 , 11:33 AM

Jindal Stainless Limited informed the bourses and shareholders that it has picked up a 33.64% equity stake in special purpose vehicle (SPV) for development of a 282 MW hybrid renewable energy project for its manufacturing operations.

The SPV, named Oyster Green Hybrid One Private Limited, has been incorporated in collaboration with Oyster Renewable Energy Private Limited.

In its filing with the bourses, the company announced that this step aligns with the company’s long-term commitment for its clean-energy transition and to achieve net-zero carbon emissions by 2050. 

With this project, the company is expected to get approximately 700 Million Units of renewable power annually. The company also informed that with this project, it can reduce its dependence on grid-based energy and energy costs.

The business has invested ₹79.20 Crore in the current tranche. For this, the planned investment is ₹132 Crore. The company plans to commission the project by the third quarter of FY26.

The company also informed that it has undertaken this transaction on an arm’s length basis, even though Oyster Renewable is a related party due to common promoters.

The business posted a 17.80% year-on-year growth in its net profit at ₹590 Crore for the quarter ended March 2025. In the previous corresponding quarter, the business posted a net profit of ₹501 Crore.

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