Jindal Stainless Limited announced the acquisition of an equity stake in a special purpose vehicle (SPV) named Oyster Green Hybrid One Private Limited. This entity has been formed in collaboration with Oyster Renewable Energy Private Limited to develop a 282 MW inter-state wind-solar hybrid renewable energy project. The project is designed to cater specifically to the power needs of Jindal Stainless’ manufacturing plants.
Oyster Green is a newly established SPV, incorporated on August 25, 2023, with its registered office in Delhi. The primary focus of the entity is the development and operation of renewable energy infrastructure, particularly hybrid systems that combine wind and solar power. The venture aligns with Jindal Stainless’ broader strategy to enhance its renewable energy sourcing and progress toward its goal of achieving net zero carbon emissions by 2050.
As part of the agreement, Jindal Stainless has acquired a 33.64% equity stake in Oyster Green for a cash consideration of ₹79.20 crores in the current tranche. The total planned investment by the company is up to ₹132 crores, with further investments linked to the achievement of project milestones. The project is expected to be commissioned by the third quarter of the financial year 2025–26.
This transaction falls under the category of related party transactions, as Oyster Renewable Energy Private Limited, the parent company of Oyster Green, shares a common promoter group with Jindal Stainless. The acquisition is being executed on an arm’s length basis, as per regulatory standards.
Upon completion, the hybrid renewable energy facility is expected to supply approximately 700 million units of electricity annually. This volume of clean energy will replace a significant portion of the company’s reliance on grid-sourced electricity, contributing to operational efficiency and reduced emissions.
