JK Cement Invests in Mehrauni Electro Power to Strengthen Renewable Energy Strategy
JK Cement Limited has invested in Mehrauni Electro Power Private Limited (MEPPL) through a subscription of equity shares, aiming to significantly bolster its long-term renewable energy strategy. The investment is part of a wider initiative focused on sustainable power sourcing.The Company subscribed 49,08,750 Equity shares in MEPPL, contributing an aggregate amount of Rs. 4,90,87,500. These shares were acquired at a face value of Rs. 10 per share and represent 18.31% of the equity share capital of MEPPL following allotment. The transaction was completed using cash consideration.
The investment aligns with the Company’s renewable energy goals, as MEPPL is established by Onward Solar Power Private Limited. This entity is setting up a 40 MW AC capacity solar power plant at Village-Bihariya in Prayagraj District, Uttar Pradesh. The project operates under a Group Captive model and includes a Power Purchase Agreement (PPA) between JK Cement, MEPPL, and Onward Solar Private Limited to supply solar power directly to JK Cement's Prayagraj facility.
MEPPL is a special purpose vehicle incorporated under the Companies Act, 2013. The investment into the renewable energy sector supports the Company’s commitment to sustainable operations, which was cited as the primary object and impact of the acquisition.
The financial history of MEPPL since its incorporation in 2023 is detailed below:
| Financial year | Turnover (In crore) |
|---|---|
| 2024-25 | Nil |
| 2023-24 | Nil |
| 2022-23 | NA |
JKCEMENT Stock Price Movement
JK Cement Limited shares today slipped by 0.19% to settle at ₹5642. The equity saw a volume of 52,330 shares throughout the trading day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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