Grasim acquires 29% stake in GMR Kalinga Solar for green energy needs

Grasim Industries Limited announced today the acquisition of a 29% equity stake in GMR Kalinga Solar Power Limited, a newly incorporated special purpose vehicle (SPV), for an investment of INR 3.60 crore. This strategic move aims to fulfill the green energy requirements of Grasim's Ganjam Plant in Odisha, optimize energy costs, and comply with regulatory mandates for captive power consumption.

The acquisition involves the execution of a Share Subscription-Cum-Shareholders' Agreement and a Power Purchase Agreement with GMR Kalinga Solar Power Limited and GMR Energy Limited. The SPV, incorporated on November 22, 2025, is established to develop a captive solar power generation facility with a capacity of approximately 10 MW.

Grasim confirmed that this acquisition is not a related party transaction, and no governmental or regulatory approvals are currently required. The company anticipates completing the acquisition within 30 days from the execution of the agreements, with the consideration being cash-based.