Jindal Stainless has completed its committed investment in Oyster Green Hybrid One Private Limited by acquiring an additional 4.60% equity stake for ₹23.41 crore. This acquisition marks the fulfilment of Jindal Stainless‘s investment in the special purpose vehicle formed in collaboration with Oyster Renewable Energy Private Limited.
Oyster Green, a subsidiary of Oyster Renewable Energy, is developing a 282 MW inter-state wind solar hybrid captive renewable energy project. The project is designed to meet the power requirements of Jindal Stainless’s plants and is expected to produce approximately 700 million units annually. This initiative aligns with the company’s commitment to power future growth through renewable sources and achieve net zero carbon emissions by 2050.
The acquisition, which is conducted on an arm’s length basis, involves no governmental or regulatory approvals. With this investment, Jindal Stainless has completed its total committed investment of ₹132 crore in the project.
Oyster Green was incorporated on 25th August 2023, with its registered office in Mumbai, India. As the project is still under commissioning, turnover details for the last three years are not applicable.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).