Grasim Industries is investing Rs. 3.60 crore for a 29% equity stake in GMR Kalinga Solar Power Limited, a special purpose vehicle (SPV) incorporated by GMR Energy Limited. This investment supports a renewable energy project for Grasim’s Ganjam Plant in Odisha, ensuring renewable energy supply as a captive user. Agreements have been executed to complete the equity acquisition. This move aligns with Grasim’s commitment to green energy.
Strategic Investment in Renewable Energy
Grasim Industries has announced an investment of Rs. 3.60 crore to acquire a 29% equity stake in GMR Kalinga Solar Power Limited. This special purpose vehicle (SPV) was incorporated by GMR Energy Limited.
Purpose of the Investment
The SPV will support a renewable energy project for Grasim’s Ganjam Plant located in Odisha. Grasim will be a captive user, sourcing renewable energy to meet its operational needs and reduce reliance on traditional power sources.
Key Agreements Executed
The company has executed key agreements, including a Share Subscription-Cum-Shareholders’ Agreement with GMR Kalinga Solar Power Limited and GMR Energy Limited, as well as a Power Purchase Agreement with GMR Kalinga Solar Power Limited. These agreements formalize the terms of the investment and renewable energy procurement.
Project Details
The power generation facility is expected to have a capacity of around 10 MW. GMR Kalinga Solar Power Limited was incorporated on November 22, 2025.
Source: BSE