Orient Cement to acquire 9% stake in Vena Energy wind project
Orient Cement Limited has approved the acquisition of a 9.04% equity stake in Vena Energy KN Wind Power Private Limited, which operates a 46 MW wind power project in Karnataka. The investment will allow the cement manufacturer to source electricity from the project under the captive consumption framework.
The acquisition was approved by Orient Cement’s Board of Directors and involves a total cash consideration of Rs 12.34 lakh. The transaction is expected to be completed on or before August 31, 2026.
Captive power
Orient Cement will acquire 25,665 equity shares and 9,777 cumulative convertible preference shares in Vena Energy KN Wind Power. The investment is intended to secure a captive source of electricity for the company’s cement manufacturing operations.
Orient Cement plans to offtake electricity generated by the wind project under the captive consumption provisions of the Electricity Act and associated rules. The arrangement adds a renewable energy source to the power requirements of its manufacturing business.
Vena Energy KN Wind Power was incorporated in June 2014 and operates a 46 MW wind power generation facility in the Mangoli District of Karnataka. The company reported turnover of approximately Rs 59.85 crore for the fiscal year ended March 31, 2025.
Orient Cement stated that the proposed acquisition does not constitute a related party transaction.
Quarterly results
The Board also approved Orient Cement’s unaudited financial results for the quarter ended June 30, 2026.
Profit after tax increased to Rs 77 crore during the quarter from Rs 55 crore in the corresponding period last year. Revenue from operations, however, declined to Rs 604 crore from Rs 647 crore in the year-ago quarter.
Ambuja merger
Orient Cement is now a subsidiary of Ambuja Cements Limited, which holds a 72.66% stake following completion of an open offer.
The companies are also proceeding with a proposed Scheme of Amalgamation of Orient Cement with Ambuja Cements. As part of the process, the National Company Law Tribunal (NCLT), Ahmedabad Bench, has directed Orient Cement to convene a meeting of its shareholders on September 28, 2026, to consider the proposed scheme.
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