Premier Energies Limited
Execution of Share Allotment cum Shareholders Agreement for Battery Energy Storage System Joint Venture
Main Body
Premier Battery Technologies Private Limited (PBTPL), a wholly-owned subsidiary of Premier Energies Limited, along with RCT Nexor Energy Private Limited (formerly known as RCT Energy India Private Limited) and Premier Energies Storage Solutions Private Limited (PESSPL), executed a Share Allotment cum Shareholders Agreement on October 15, 2026. This agreement formalizes the strategic joint venture previously announced through a binding Term Sheet on September 10, 2026.
The joint venture company, PESSPL, will establish a 12 GWh Battery Energy Storage Systems (BESS) manufacturing facility. The first phase will have a capacity of 6 GWh and is expected to be set up in FY 27-28 at Seetharampur, Telangana. The facility will be semi-automated and/or fully automated and will produce BESS products for residential, small business, commercial, industrial, and utility-scale applications.
Significant Terms of the Agreement:
- The JV Company's Board will comprise two nominees from PBTPL and one nominee from RCT India
- RCT India will receive milestone-linked allotment of equity shares aggregating to 15% of the JV Company's issued and paid-up equity share capital in four tranches
- RCT India has the right (but not obligation) to subscribe for an additional 5% equity interest for cash consideration at the end of Phase I of the project
- PESSPL is currently a wholly-owned subsidiary of PBTPL
Relationship Details:
- The Company and its group entities do not hold any shares in RCT India or any RCT Group entity
- The transaction does not fall within related party transactions
- The parties are not related to promoter/promoter group/group companies in any manner
- No immediate issue of shares is proposed
- No proposal to nominate any director(s) on the Board of Directors of the listed entity (Premier Energies Limited)