J.K. Cement takes 9.77% stake in 40 MW solar SPV
Author: PPD Team Date: April 21, 2026
J.K. Cement Limited has acquired a 9.77% equity stake in Mehrauni Electro Power Private Limited (MEPPL), a special purpose vehicle developing a 40 MW AC solar project in Uttar Pradesh, to support its renewable power procurement strategy.
In a regulatory filing dated April 15, 2026, the company said it subscribed to 2.1 million equity shares of Rs 10 each in MEPPL, for a total consideration of Rs 2.10 crore.
The investment follows the execution of a Share Subscription and Shareholders’ Agreement (SSHA) and a Power Purchase Agreement (PPA). The project is being developed in Village Bihariya, Tehsil Bara, in Prayagraj district under a Group Captive structure. MEPPL was incorporated in 2023 as a subsidiary of Onward Solar Power Private Limited.
Under the arrangement, the 40 MW facility will supply 7 MWp of solar power to J.K. Cement’s plant in Prayagraj.
The company stated that the transaction is not a related party transaction and has been undertaken on an arm’s length basis, with no interest held by the promoter or promoter group in the SPV.
MEPPL, as a project entity, reported nil turnover for FY25, with net worth and profit after tax at negative Rs 0.13 crore as of March 31, 2025.
The featured photograph is for representation only.
