JK Lakshmi Cement has announced that its Committee of Directors, in a meeting held on August 1, 2025, approved entering into a Power Purchase Agreement (PPA) and Share Subscription & Shareholders’ Agreement with Opera Vayu (Narmada) Private Limited, a Special Purpose Vehicle (SPV) focused on renewable energy.
As part of the agreement, JK Lakshmi Cement will acquire a 26% equity stake in the SPV for up to ₹4 crore. This strategic investment aligns with the company’s goal to enhance renewable power sourcing and reduce energy costs at its manufacturing locations. The project involves setting up a 4 MWp wind and solar hybrid power plant under the captive power route.
The SPV, incorporated on August 1, 2022, is backed by project implementor Shivman Wind Energy Private Limited. Though the SPV reported no turnover or profit as of FY25, it has a net worth of ₹77.56 crore. Following the acquisition, Opera Vayu (Narmada) will become an associate company of JK Lakshmi Cement, providing clean energy at competitive rates for 12 years.
The transaction, not falling under related party arrangements, will be completed by December 31, 2025, and is structured as a cash deal. No regulatory approvals are required.
