Dalmia Bharat Ltd agreed on 8 June to purchase a 26 per cent equity share in Solarcraft Power India 23 (a Karnataka-based solar power firm) for INR103.18m (US$1.24m). The cement company also signed an agreement to buy 8.4m compulsory convertible debentures, amounting to 26 per cent additional equity in Solarcraft, for INR84.38m.
Additionally, Dalmia Bharat has signed a power purchase agreement with the energy company. The company said the aim of this was to “source solar power ad a captive consumer for a capacity up to 46.88MW located in the State of Karnataka”.
These deals are expected to be completed in approximately two months.
Solarcraft Power was incorporated in June 2023, but did not record any turnover for 2023-24 (April to March). On 7 June, shares of Dalmia Bharat closed 2.5 per cent higher at INR1,809.95 according to the National Stock Exchange.
