India: The India Cements has entered into an energy supply and share subscription agreement to acquire 3.6% of equity shares of Zenataris Renewable Energy, a company engaged in generation and transmission of renewable energy. The price is an equity investment of approximately US$2.1m and the agreement will complete within 120 days of its execution.
Zenataris is a special purpose vehicle (SPV) established for the development and operation of the Inter-State Transmission System (ISTS) hybrid renewable energy project at Kudligi, Vijayanagara District, Karnataka. The SPV will supply 11MW of captive renewable energy to The India Cements’ cement plants locally.