1 week Ago By CNBCTV18
Telecom infrastructure provider Indus Towers on Thursday, December 12, signed a Power Purchase Agreement (PPA) with JSW Green Energy Eight Ltd, a special purpose vehicle (SPV) under the JSW Group. Share Market View All Nifty Gainers View All Company Value Change %Change The agreement involves procuring 130 MW of renewable energy from a solar photovoltaic (PV) plant under a captive model, Indus Towers said in an exchange filing. As part of the deal, Indus Towers Ltd will invest ₹38.
03 crore in the SPV, acquiring a 26% equity stake as part of this initiative. The move aims to support Indus Towers' renewable energy objectives and advance its commitment to net-zero emissions, the company said. The investment and energy procurement will be executed in compliance with the Electricity Act, 2003, the Indian Electricity Rules, 2005, and the Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022, and amendments thereto.
Subject to regulatory approvals, the acquisition and the plant’s operational readiness are expected by March 2026. Indus Towers Ltd shares slipped 1.5% in the morning session on Friday, December 13, to an intraday low of ₹338.
40 apiece on the BSE. JSW Green Energy Eight Ltd, incorporated on October 18, 2024, is a renewable energy-focused SPV under the JSW Group. The entity is focused on developing and operating renewable energy projects, including the upcoming solar PV plant, which will cater to the growing demand for sustainable power.
Indus Towers, during a meeting with brokerage firm JPMorgan earlier this month, stated that it has no intentions of settling its pending dues, citing comfort with its current leverage position. Instead, the company plans to distribute excess cash to its shareholders. Additionally, Indus Towers anticipates that Vodafone Idea will clear its outstanding dues of ₹3,500 crore by the fourth quarter of the current financial year or, in a worst-case scenario, by early FY26.
Shares of Indus Towers were trading 1.31% lower at ₹339.1 on the BSE around 9.
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