J.K. Cement Limited has acquired a minority stake in Truere Guj SPV Private Limited, which has been set up by Oriana Power Limited. This step is part of the company’s plan to increase its use of clean energy and ensure a stable power supply for its manufacturing operations.
As per the Share Subscription and Shareholders’ Agreement, J.K. Cement has subscribed to 32,76,000 equity shares of the SPV. Each share has a face value of ₹10 and was purchased at a premium of around Rs. 2.88 per share. The total investment comes to about ₹4.22 crore, giving the company a 26% stake in the project. The deal has been carried out through cash and follows normal market conditions, with no involvement from promoters or related parties.
Truere Guj SPV Private Limited is a newly formed company, incorporated in January 2024. Since it is still in the development stage, it has reported no turnover for the financial years 2023-24 and 2024-25. However, as of March 31, 2025, it has a net worth of ₹69.08 crore. The main aim of this SPV is to develop and operate renewable energy projects in India. It is currently working on setting up a solar power plant with a capacity of 50/70 MWp in the Phalodi district of Rajasthan.
This investment is closely linked to a Power Purchase Agreement, under which the solar project will supply 70 MWp of power to J.K. Cement’s Nimbahera plant. The arrangement is based on a captive user model, allowing the company to directly use the electricity generated for its industrial needs. By holding a 26% stake, J.K. Cement meets the regulatory requirements for captive consumption while also securing a reliable source of green energy.
The company said that this move will help reduce its dependence on conventional power and support its long-term sustainability goals. It also reflects a growing trend among industrial companies to invest in renewable energy projects to control costs and reduce carbon emissions.
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