Star Cement, along with its wholly-owned subsidiary Star Cement North East, has signed a group captive power purchase agreement with JSW Green Energy Six. As part of this agreement, Star Cement will acquire up to 30% of the equity shares in JSW Green Energy Six.
On the stock market, Star Cement shares were trading at ₹200.05, up by 0.45 points (0.23%) on the BSE, and at ₹199.19, down by 0.15 points (0.08%) on the NSE as of 2:20 p.m. JSW Green Energy Six specializes in the development, construction, operation, and maintenance of renewable energy power plants in India.
The company is currently developing a solar and wind hybrid power plant in Maharashtra, which will have a total installed capacity of 47 MW. This acquisition aims to bolster Star Cement’s access to renewable energy sources.
The total investment for the transaction amounts to ₹23.06 crore, with Star Cement contributing ₹15.37 crore and Star Cement North East contributing ₹7.69 crore. The transaction is expected to be completed within 18 months from the date of signing the power purchase agreements, pending the fulfillment of customary conditions precedent.
Star Cement is a prominent cement manufacturer in India, particularly in the northeastern region. Known for its high-quality cement products, the company has established a strong presence in the construction and infrastructure sectors. With a focus on sustainable growth, Star Cement has invested in expanding its production capacity and improving operational efficiency.
The company also emphasizes environmental responsibility, actively seeking ways to reduce its carbon footprint through the use of renewable energy sources and eco-friendly manufacturing practices. By continuously innovating and adapting to market demands, Star Cement remains a key player in the Indian cement industry.
