Grasim Industries to acquire 29% equity stake in GMR Kalinga Solar Power
With acquisition, the company will meet the green energy needs; optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws
Grasim Industries has executed agreements to acquire 29% equity stake in GMR Kalinga Solar Power, the SPV incorporated by GMR Energy, for availing renewable energy as Captive user for the company’s Ganjam Plant, Odisha. Cost of acquisition is Rs 3.60 crore. The company has executed Share Subscription-Cum-Shareholders’ Agreement with GMR Kalinga Solar Power and GMR Energy; and Power Purchase Agreement with GMR Kalinga Solar Power.
With acquisition, the company will meet the green energy needs; optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws.
Grasim Industries is a flagship company of Aditya Birla Group. The company’s businesses comprise viscose staple fibre, cement, chemicals and textiles. Its core businesses are VSF and cement, which contribute to over 90% of its revenues and operating profits.
