Dalmia Bharat said that its wholly owned subsidiary Dalmia Cement (Bharat) has entered into Share Subscription and Shareholders agreement (SSSHA) to acquire 26.00% of equity share capital of Truere Surya.
The transaction involves acquisition of 4,48,00,000 equity shares of Truere Surya at Rs 10 apiece, aggregating to Rs 44.80 crore.
Truere Surya is a special purpose vehicle for setting up solar power project on a captive basis, in the state of Tamil Nadu.
Dalmia Bharat stated that the acquisition has been done in order to enhance its source of renewable power supply to achieve group’s commitment towards RE 100 by 2030 and carbon negative by 2040. The renewal power (solar) will qualify as captive consumer under the Electricity Act/ Rules.
Accordingly, the company will source solar power as a captive consumer for a capacity upto 128 MW located in the State of Tamil Nadu.
"The transaction is subject to customary conditions precedents and expected to be completed within 4-6 months,” it added.
Dalmia Bharat is the fourth-largest cement manufacturing company in India, with the current capacity pegged at 41.7 million tonne.
The cement manufacturer’s consolidated net profit slipped 47.5% to Rs 320 crore despite of 10% growth in income from operations to Rs 4,307 crore in Q4 FY24 over Q4 FY23.
The scrip shed 0.41% to currently trade at Rs 1906.05 on the BSE.