Kalyani Steels to acquire stake in clean renewable energy

Kalyani Steels Limited has entered into Share Subscription and Shareholders Agreements to acquire a stake in Clean Renewable Energy KK 1A Private Limited ("Clean Renewable"), a special purpose vehicle of Hero Rooftop Energy Private Limited. This acquisition, valued at INR 51,900,000, will secure 1,857,223 equity shares, representing 8.64% of Clean Renewable's paid-up equity share capital. The primary objective is to source power through captive renewable energy under the group captive scheme as per the Electricity Act, 2003.

Clean Renewable, incorporated on September 21, 2023, is engaged in electricity generation and sale, with its registered office in New Delhi. The company has not generated any turnover for FY 2023-24 and FY 2024-25. This acquisition is not considered a related party transaction, and no governmental or regulatory approvals are required.

The investment is subject to the completion of specific condition precedents as outlined in the definitive documents. Kalyani Steels will issue a separate intimation upon the finalization of its investment in Clean Renewable.