Jindal Stainless Limited has disclosed that its wholly-owned subsidiary, Chromeni Steels Limited (CSL), has acquired an equity stake in a special purpose vehicle on October 16, 2026.
Transaction Details
- Target Entity: Oyster Green Hybrid Four Private Limited (Oyster Green), a special purpose vehicle
- Acquisition Date: October 16, 2026
- Percentage Acquired: 40% equity stake by Chromeni Steels Limited
- Consideration: Cash payment of ₹1.25 crore
- Total Commitment: CSL committed to invest up to ₹12.50 crore aggregate amount
- Investment Tranche: Current investment of ₹1.25 crore made upon achievement of milestone
Project Details
- Project Type: 24 MW wind solar hybrid captive renewable energy project
- Purpose: To meet power requirements of Chromeni Steels Limited's plant
- Expected Output: Approximately 70 million units annually for captive consumption
- Commissioning Timeline: Expected by first quarter of financial year 2027-28 (Q1 FY2028)
Related Party Aspects
- Oyster Green is a subsidiary of Oyster Renewable Energy Private Limited
- Oyster Renewable Energy is a related party due to common promoter group
- Transaction conducted at arm's length basis
- No governmental or regulatory approvals required for the acquisition
Strategic Rationale
Power procurement from this plant aligns with the Company's commitment to power future growth through renewable energy sources and achieve net zero carbon emissions by 2050.
Financial Impact
The acquisition involves a cash consideration of ₹1.25 crore in the current tranche, with total commitment of ₹12.50 crore towards project commissioning.