Jindal Stainless Limited has informed the Exchange about Acquisition
JSL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Jindal Stainless Limited has completed its committed investment of ₹132 crore in Oyster Green Hybrid One Private Limited by acquiring an additional 4.60% equity stake for ₹23.41 crore. Oyster Green is a special purpose vehicle formed in collaboration with Oyster Renewable Energy Private Limited to develop a 282 MW inter-state wind solar hybrid captive renewable energy project. The project, once fully operational, is expected to produce approximately 700 million units annually for captive consumption and help the Company abate around 6.5 lakh metric tonnes of carbon emissions per year. This acquisition is a related party transaction as Oyster Renewable Energy has common promoters with Jindal Stainless, but the transaction is being done at arm's length. The project aligns with the Company's commitment to reach net zero carbon emissions by 2050.
This acquisition strengthens Jindal Stainless's renewable energy portfolio and supports its sustainability goals. While the transaction size is relatively modest compared to the company's overall scale, it signals commitment to green energy transition which could be viewed positively by ESG-focused investors.