Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, has entered into a share subscription and shareholders’ agreement along with a power consumption agreement to acquire a stake in Oyster Green Hybrid Five Private Limited, a special purpose vehicle (SPV) of Oyster Renewable Energy Private Limited. Under this arrangement, the company will acquire a 41 per cent stake, equivalent to 26 per cent on a fully diluted basis.
The transaction value for the stake acquisition is approximately Rs 173.5 million. The SPV is being set up to develop a hybrid renewable energy project comprising 21.6 MW wind capacity and 14 MWp solar for captive consumption, to be supplied to DCBL’s Kadapa plant in Andhra Pradesh. The transaction is expected to be completed within four months, and is subject to customary closing conditions, including regulatory approvals and execution of definitive agreements.
In January 2026, Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, divested its entire 25.44 per cent stake in O2 Renewable Energy V, an SPV of O2 Power, for Rs 108.2 million. The stake was sold to JSW Neo Energy, Goldman Sachs Services and Syngene International, and had been originally acquired to secure 11 MW of wind power in Karnataka under a captive arrangement.
