Dalmia Bharat subsidiary acquires 34.52% stake in solar power firm

Dalmia Cement (Bharat) Limited (DCBL), a wholly owned subsidiary of Dalmia Bharat Limited, has signed an agreement to acquire a 34.52% equity stake in Kilavikulam Rajalakshmi Solar Power Developer Private Limited.

The acquisition, valued at Rs 30 million, will help DCBL source up to 10 MW of solar power as a captive consumer in Tamil Nadu.

The solar power generated under this arrangement will be eligible for captive consumer status under the Electricity Act and associated regulations. The transaction, structured as a cash consideration, involves the purchase of 3 million equity shares at a face value of Rs 10 each. Post-acquisition, Dalmia Bharat Limited will hold a 34.52% equity stake in the entity.

The deal is expected to be completed within two months, subject to customary conditions.  

Kilavikulam Rajalakshmi Solar Power Developer, incorporated in 2021, operates as a special-purpose vehicle for solar power generation. Its turnover rose to Rs 32.7 million in FY 2023-24 from Rs 1.8 million in the previous year.