Jindal Stainless’ subsidiary takes a 40% stake in a 24 MW wind-solar power project
- Mergers & acquisitions
- Steel And Steel Products
Jindal Stainless Limited has told the exchanges that its wholly owned subsidiary, Chromeni Steels Limited (CSL), acquired an equity stake on 16 Oct 2026 in Oyster Green Hybrid Four Private Limited. This is a special purpose vehicle formed with Oyster Renewable Energy Private Limited to develop a 24 MW wind-solar hybrid captive renewable energy project that will supply power to CSL’s plant.
CSL now holds a 40% equity stake. In this first tranche it has invested ₹1.25 crore in cash, on achieving a milestone. It has committed to invest up to ₹12.50 crore in total towards commissioning the project, which is expected in the first quarter of FY 2027-28.
The project is expected to produce about 70 million units of power a year for CSL’s own use. The filing says buying power from the plant fits the company’s commitment to power its future growth through renewable energy and to reach net zero carbon emissions by 2050.
Oyster Green is a subsidiary of Oyster Renewable Energy Private Limited, which is a related party of Jindal Stainless because of a common promoter group. The filing says the transaction is on an arm’s length basis and that no approval is required for it.
Oyster Green was incorporated on 5 Mar 2025 and has its registered office in Mumbai. The project is still under construction, so the filing reports no turnover figures for it.
Inference
For shareholders, the filing describes an investment of ₹1.25 crore paid so far out of up to ₹12.50 crore committed, in a project that is meant to supply power to the company’s own plant. A captive project of this kind is built to meet the company’s own electricity needs rather than to supply power to others.
The filing links the project to the company’s renewable energy and net zero goals, but it does not give any figures on savings in power cost. The project is still under construction, with commissioning expected in the first quarter of FY 2027-28. Because Oyster Green is a related party and the transaction is described as arm’s length, shareholders may want to see how related party dealings are reported in later filings.
Reference: Original filing (PDF)
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