JK Lakshmi Cement to Buy 26% Stake in DynoSpark and Elevate Solar

MUMBAI, India — In an official regulatory announcement, the Committee of Directors of JK Lakshmi Cement Limited has approved a combined clean energy investment to acquire a 26% equity stake in two independent special purpose vehicles (SPVs), DynoSpark Private Limited and Elevate Solar Energy Private Limited. Formally cleared during an executive committee assembly on June 4, 2026, the dual acquisition is designed to establish dedicated captive solar power supply chains for the corporation’s heavy industrial facilities. The total cash consideration for both equity acquisitions is valued up to Rs. 24 crore, with full transaction finalization expected before the third quarter of fiscal year 2026 terminates.

Developing Captive Solar Power Sub-Stations Across Key Units

The multi-regional clean infrastructure investment is a core part of JK Lakshmi Cement's strategy to expand its sourcing of renewable energy to insulate its heavy manufacturing plants against escalating grid tariffs. By purchasing fixed 26% stakes under the established Indian captive power route, the cement manufacturer satisfies local regulatory requirements to directly utilize affordable green electricity.

The capital deployment is divided into two distinct regional developments:

The Udaipur Facility Integration

The corporation will execute an equity transaction of up to Rs. 16 crore to acquire 26% of DynoSpark Private Limited. This target entity, incorporated on July 27, 2025, has its registered office in New Delhi and focuses entirely on solar energy generation. This investment will back a new 25 MW (AC) / 36.25 MW (DC) solar power facility featuring an integrated 20 MWh Battery Energy Storage System (BESS) at the company's Udaipur unit. The construction project will be handled by Oriana Power Limited.

The Durg Facility Integration

The company will invest up to Rs. 8 crore to secure a 26% equity stake in Elevate Solar Energy Private Limited. Established on January 16, 2025, in Tamil Nadu, Elevate Solar is dedicated to developing a 17.14 MW (AC) / 24 MW (DC) solar energy sub-station to supply power directly to JK Lakshmi Cement's Durg unit. This deployment is managed by the Evolve Energy Group.

Technical and Operational Overview of Target Entities

Official Sources Section

The corporate actions, asset purchase costs, legal parameters, and plant capacities detailed in this report are based on the official compliance disclosure submitted by JK Lakshmi Cement Limited to BSE Limited and the National Stock Exchange of India Limited under the mandates of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Executive Declarations

"According to officials close to the transaction, the committee of directors approved an investment of 26% in equity shares of Special Purpose Vehicles (SPVs), namely DynoSpark Private Limited and Elevate Solar Energy Private Limited, for the purchase of solar power under the applicable captive power route. This structural integration will enable the company to secure clean solar power at a highly competitive market rate while lowering its overarching industrial carbon footprint across its production facilities."

Why It Matters

The acquisition of these green power assets carries direct practical implications for the company and the broader building materials sector:

• For Industrial Operations: Transitioning to dedicated solar sub-stations lowers reliance on fossil-fuel grids and stabilizes input energy costs against fluctuating market energy rates.

• For Market Competitors: The move accelerates the ongoing push within the domestic building materials industry to decarbonize cement production lines through active captive energy structures.

• For Environmental Goals: Deploying a 20 MWh Battery Energy Storage System (BESS) helps mitigate solar intermittency issues, establishing a blueprint for maintaining continuous, eco-friendly factory operations overnight.

Key Facts at a Glance

• Strategic Percentage: JK Lakshmi Cement is acquiring a 26% equity stake in both DynoSpark and Elevate Solar.

• Capital Commitment: The overall capital allocation for both transactions will require a combined cash investment of up to Rs. 24 crore.

• Power Output Targets: The initiative will develop over 42 MW (AC) of cumulative clean solar power infrastructure across two factory locations.

• Storage Integration: The Udaipur plant installation features a 20 MWh Battery Energy Storage System to support consistent energy distribution.

• Execution Window: Management expects to conclude both share acquisitions by October 31, 2026.

Frequently Asked Questions

Why is JK Lakshmi Cement buying exactly 26% of these solar firms?

Under Indian electricity regulations, an industrial consumer must hold at least 26% of the equity in a generation project to qualify for the captive power route, which exempts them from certain cross-subsidies and grid surcharges.

Who is constructing these new solar power installations?

The asset development for DynoSpark will be managed by Oriana Power Limited, while the Elevate Solar infrastructure will be built by Evolve Energy Group.

Are these related party transactions for JK Lakshmi Cement?

No. The company's official exchange filing explicitly confirms that neither acquisition falls within related party transactions, and the promoting groups hold no prior interest in either SPV.

Source: Official regulatory compliance disclosure filed by JK Lakshmi Cement Limited with the National Stock Exchange of India Limited and BSE Limited on June 4, 2026.