Grasim Industries has announced the acquisition of a 26% equity stake in two Special Purpose Vehicles (SPVs) to source renewable energy as a captive user. The company has executed agreements with Pro-Zeal Green Power Eighteen Private Limited and Pro-Zeal Green Power Nineteen Private Limited for its Vilayat Plant in Gujarat and Balabhadrapuram Plant in Andhra Pradesh respectively. These investments aim to meet green energy needs and optimize energy costs.
Renewable Energy Investment
Grasim Industries has finalized agreements to acquire a 26% equity stake in two Special Purpose Vehicles (SPVs). This move is designed to facilitate the sourcing of renewable energy for captive use across its manufacturing operations. The agreements involve:
- Pro-Zeal Green Power Eighteen Private Limited
- Pro-Zeal Green Power Nineteen Private Limited
Details of the Agreements
The agreements encompass Share Subscription-Cum-Shareholders’ Agreements and Power Purchase Agreements. These are executed to secure renewable energy for Grasim’s:
- Vilayat Plant, Gujarat: Through Pro-Zeal Green Power Eighteen Private Limited and Prozeal Green Power Private Limited
- Balabhadrapuram Plant, Andhra Pradesh: Through Pro-Zeal Green Power Nineteen Private Limited and Prozeal Green Power Private Limited
Strategic Rationale
This strategic investment in renewable energy SPVs enables Grasim Industries to meet its green energy requirements, optimize energy-related expenses, and ensure compliance with regulatory mandates related to captive power consumption under electricity laws.
Pro-Zeal Green Power Nineteen Private Limited Details
Pro-Zeal Green Power Nineteen Private Limited, an SPV, is incorporated for developing a captive wind-solar hybrid power generation facility with a capacity of around 21 MW.
- Date of Incorporation: September 24, 2025
Investment Details
The equity investment is up to Rs. 20.50 crore in one or more tranches, securing a 26% equity stake in the SPV.
Source: BSE
