KEI Industries Invests In 11.25 MW Rajasthan Solar Project For Renewable Energy Supply

In a significant step toward strengthening its sustainability initiatives, KEI Industries Limited has announced its entry into a long-term renewable energy partnership. The company disclosed through a regulatory filing under SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015, that it has signed a Share Subscription and Shareholders’ Agreement along with a Solar Power Purchase Agreement on May 20, 2026.

As part of the agreement, KEI Industries will acquire a 26% stake, jointly with other captive users, in Solarcraft Power India 24 Private Limited. The company has been established as a Special Purpose Vehicle (SPV) specifically for developing and operating a solar power project in Rajasthan. The proposed solar installation will have a maximum generation capacity of 11.25 MW.

Through this arrangement, KEI Industries will function as a captive consumer and source renewable electricity directly for its manufacturing operations and corporate facilities. The move is expected to support the company’s clean energy transition strategy while reducing dependence on conventional power sources.

The total investment for the acquisition stands at Rs. 5.90 crore, which will be made through one or more tranches. The investment includes the purchase of Equity Share Capital and Compulsory Convertible Debentures issued by the SPV.

Solarcraft Power India 24 Private Limited was incorporated on June 6, 2023, and is registered in Gurgaon, Haryana. Since the company was formed solely for project development purposes, it has reported zero turnover for the financial years 2024, 2025, and 2026.

KEI Industries clarified that the transaction does not qualify as a related party transaction and that its promoter group has no interest in the target company. The company further stated that no government or regulatory approvals are required for the deal. The acquisition process is expected to be completed within approximately 90 days, subject to customary conditions.