JSW Cement signs solar PPA, picks 26% stake in JSW Green Energy Fifteen
JSWCEMENT · price
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On the reaction day the stock moved 1.1 pts less than Nifty Smallcap 250 and 0.9 pts less than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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JSW Cement signed a Power Purchase Agreement with JSW Green Energy Fifteen Ltd for solar power from a 60 MW captive solar plant in Rajasthan. It also subscribed to 26% equity stake for Rs 21.78 crore, making the entity an associate company. This is a related party transaction done at arm's length. JSW Green Energy Fifteen is a step-down subsidiary of JSW Energy, with promoter Sajjan Jindal as its Chairman.
Supports green energy push and long-term power cost stability. Small cash outlay of Rs 21.78 crore. Related party deal but at arm's length.