Indus Towers Limited has informed the Exchange regarding acquisition in JSW Green Energy Eight Limited
INDUSTOWER · price
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Indus Towers is acquiring a 26% equity stake (on a fully diluted basis) in JSW Green Energy Eight Limited, a special purpose vehicle, for around Rs 38.04 crore in cash. The SPV was incorporated in October 2024 and has not yet commenced commercial operations. The goal is to procure renewable solar power under the captive energy mode, helping Indus Towers meet its green energy and Net Zero targets. This follows an earlier Power Purchase Agreement signed with the same entity in December 2024. The deal is not a related party transaction and is expected to complete by July 2026, subject to regulatory approvals.
The investment is financially small but strategically meaningful, securing long-term captive renewable energy for Indus Towers' tower operations and reinforcing its sustainability/ESG profile. Investors should view this as a green capex move rather than a value-accretive acquisition.