DCM Shriram to acquire 26% stake in Serentica Renewables for ₹105 crore
AI Summary
DCM Shriram Ltd plans to invest up to Rs 105 crore to acquire at least a 26% stake in Serentica Renewables India Pvt Ltd, aiming to develop a 58 MW peak hybrid renewable energy project in Bharuch, Gujarat. This investment will increase DCM Shriram's total renewable energy capacity to 176 MW by June 2027, enhancing its commitment to sustainable energy solutions.
DCM Shriram Ltd will invest up to Rs 105 crore to acquire a minimum 26 per cent stake in Serentica Renewables India Pvt Ltd.
In a regulatory filing on Friday, the company said it has “entered into a definitive agreement with Serentica Renewables India Pvt Ltd for the development of a 58 MW peak hybrid renewable energy power project, primarily for its energy-intensive business in Bharuch, Gujarat”.
Upon completion, DCM Shriram’s total renewable energy capacity will rise to 176 MW (peak) across its two sites in Bharuch and Kota.
The project is expected to be commissioned by June 2027.
Under the agreement, DCM Shriram said it will “invest up to Rs 105 crore in one or more tranches to acquire a minimum 26 pc equity stake in Serentica Renewables India Pvt Ltd”.
As per the filing, Serentica Renewables India Pvt Ltd, which was incorporated in January this year, is in the business of power generation, transmission and distribution of energy or electrical power by using nonconventional methods.
DCM Shriram Ltd’s business portfolio comprises Chlor-Vinyl chemicals, agri-rural business and value-added business under Fenesta Building Systems, a leading manufacturer of UPVC windows and doors.
Original Article
Published on Hindu BusinessLine