JK Cement boosts renewable energy stake in O2 Renewable Energy V

JK Cement Limited has acquired an additional 4,645,658 equity shares in O2 Renewable Energy V Private Limited, representing a 12.21% stake. The acquisition, valued at INR 51,938,456, raises JK Cement’s total shareholding in the SPV from 16.76% to 28.97%. This transaction is considered an arm's length transaction, not involving any related parties.

This strategic investment aligns with JK Cement’s long-term renewable energy strategy. The SPV, incorporated on May 25, 2022, sets up, generates, and distributes power from renewable sources. It has installed a 22 MW wind power project, part of a larger 240MW hybrid power project in Kudligi Taluk, Bellary District, Karnataka, supplying power to the company and other consumers.

For the financial year 2024-25, the SPV reported a turnover of INR 20.29 crore, a profit after tax of INR 0.81 crore, and a net worth of INR 43.27 crore. Its authorized share capital is INR 550,000,000, with a paid-up capital of INR 380,600,000. Following the acquisition, an amendment to the existing share subscription and shareholders agreement will be executed.