Grasim Industries to Acquire 29% Stake in 10 MW GMR Kalinga Solar Power for Captive RE Project In Odisha

Grasim Industries Limited, part of the Aditya Birla Group, announced on November 26, 2025, that it will acquire a 29 percent equity stake in GMR Kalinga Solar Power Limited, an SPV incorporated by GMR Energy Limited. The investment is part of Grasim’s ongoing efforts to secure a captive renewable energy source for its Ganjam Plant in Odisha. This follows an earlier announcement made on November 5, 2025, where Grasim stated its intention to acquire a stake in a special purpose vehicle for a captive renewable energy project.

The company revealed that it will invest up to ₹3.60 crore to purchase the 29 percent stake. The investment is aimed at meeting the green energy requirements of its manufacturing facility in Ganjam, reducing energy costs, and meeting regulatory obligations for captive power usage under Indian electricity laws. According to Grasim, the acquisition is expected to be completed within 30 days from the signing of the necessary agreements.

To enable the acquisition, Grasim signed a Share Subscription-Cum-Shareholders’ Agreement with GMR Kalinga Solar Power Limited and GMR Energy Limited, along with a Power Purchase Agreement with the SPV. Once the project is operational, the Ganjam Plant will act as the captive user for the renewable energy supply.

GMR Kalinga Solar Power Limited, the entity in which Grasim is investing, is engaged in the business of generating and transmitting renewable energy. The company was incorporated recently on November 22, 2025, and is yet to begin commercial operations. Its primary objective is to develop a solar power generation project with a capacity of around 10 MW (14 MWp).

Before Grasim’s investment, the SPV was a wholly owned subsidiary of GMR Energy Limited. GMR Energy is itself a wholly owned subsidiary of GMR Power and Urban Infra Limited. GMRP&UI announced the incorporation of GKSPL on November 24, 2025, with an initial paid-up capital of ₹1 lakh, entirely held by GMR Energy through subscription to the Memorandum of Association. The solar project is to be developed in Kamalanga, Odisha.

Grasim stated that the proposed acquisition is not a related party transaction and that none of its promoters or promoter group companies have any interest in the deal. The company also confirmed that the acquisition does not require any governmental or regulatory approval. The documents related to the transaction have been filed with both BSE Limited and the National Stock Exchange of India Limited. GMR Power and Urban Infra Limited, the ultimate parent company of the SPV, is listed on both stock exchanges. The move reinforces Grasim’s strategy to increase renewable power consumption across its manufacturing operations.