Jayaswal Neco Industries Limited has informed the Exchange about General Updates
JAYNECOIND · price
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Jayaswal Neco Industries has signed a non-binding term sheet with a Waaree Group entity to invest around Rs. 40.97 Crores in one or more Special Purpose Vehicles (SPVs) that will set up solar power projects. These projects, with a planned capacity of 104 MWAC / 145.60 MWp, will supply captive solar power to the company's Steel Plant Division in Raipur and Chhotedongar Iron Ore Mines in Chhattisgarh. The SPVs will be incorporated by Waaree Group, and Jayaswal Neco will hold less than 20% stake in them. The investment is in cash and is intended to help the company procure solar energy under the Group Captive Multiple Consumer structure, fulfilling its ESG commitments and reducing exposure to grid power tariff volatility. The investment falls below the SEBI Regulation 30 disclosure threshold and is shared for informational purposes only.
This is a positive step for shareholders as the captive solar setup is expected to reduce long-term power costs, support ESG commitments, and insulate operations from grid tariff fluctuations. However, the investment is modest (~Rs. 41 Crores, below 20% stake) and non-binding at this stage, so material upside to the stock from this announcement alone is likely limited.