Highlights

• Dalmia Cement (Bharat) Limited and Dalmia Bharat Green Vision Limited acquire stakes in solar projects totalling ₹7.8 Crore.
• The acquisitions will provide captive solar power capacities of 26 MW in Tamil Nadu.
• All transactions are expected to complete within three months, subject to customary conditions.

Dalmia Bharat Limited (NSE:DALBHARAT), a leading Indian conglomerate, has announced that its wholly owned subsidiaries have entered into agreements to acquire stakes in multiple solar power projects across Tamil Nadu.

On October 27, 2025, Dalmia Cement (Bharat) Limited (DCBL) signed Share Subscription and Shareholders’ Agreements to acquire stakes in two special purpose vehicles (SPVs) of Velan Infra Projects Pvt. Ltd., namely Gee Yess India Engineering Technology Private Limited and San Power Generation Transmission Private Limited. The aggregate consideration for these acquisitions is ₹6 Crore.

Simultaneously, Dalmia Bharat Green Vision Limited (DBGVL) entered into a similar agreement to acquire a stake in Arunachalam Solar Power Private Limited at a cost of ₹1.8 Crore. These acquisitions aim to secure captive solar power capacities of up to 20 MW for DCBL and 6 MW for DBGVL.

Supporting Group’s Renewable Energy Targets

The move aligns with Dalmia Bharat’s broader sustainability objectives, including achieving RE100 status by 2030 and becoming carbon negative by 2040. The renewable power generated through these projects will be recognized as captive consumption under the Electricity Act and associated rules, allowing the group to directly source solar energy for its operations.

The acquired SPVs are structured as special purpose vehicles for developing captive solar projects. Gee Yess India Engineering Technology Private Limited, incorporated in 2019, reported turnovers of ₹16.55 Crore, ₹25.39 Crore, and ₹22.32 Crore over the past three financial years. San Power Generation Transmission Private Limited, also incorporated in 2019, reported turnovers of ₹2.11 Crore, ₹2.74 Crore, and ₹3.32 Crore during the same period. Arunachalam Solar Power Private Limited was incorporated in June 2024 and has not reported revenue yet.

Transaction Details and Timeline

Both acquisitions are structured as cash transactions with shares being acquired at par. DCBL will acquire 37.5% and 31.58% stakes in Gee Yess India Engineering Technology Private Limited and San Power Generation Transmission Private Limited, respectively, while DBGVL will acquire a 36% stake in Arunachalam Solar Power Private Limited.

The agreements are subject to customary conditions precedent and are expected to be completed within three months. The transactions are not related party dealings, and the promoter group holds no interest in the target entities.