GMR Power & Urban Infra Limited (GMRP&UI) has announced a change in the status of its step-down wholly owned subsidiary, GMR Kalinga Solar Power Limited (GKSPL). GKSPL was initially incorporated as a wholly owned subsidiary of GMR Energy Limited (GEL), which is itself a wholly owned subsidiary of GMRP&UI. The subsidiary was established for the development of a ~10 MW captive solar power generating plant in Kamalanga, Odisha, on a design, build, finance, operate basis. Recently, GKSPL entered into a long-term power supply agreement with Grasim Industries Limited. Following this, GEL and Grasim agreed to an equity infusion in the project, with GEL holding 71% equity and Grasim holding the remaining 29%. The Board of Directors of GKSPL, on July 08, 2026, allotted equity shares to GEL and Grasim in the agreed 71:29 ratio upon receiving the first tranche of the subscription amount. Consequently, GKSPL's status has changed from a wholly owned subsidiary to a step-down subsidiary of GMRP&UI. None of GMRP&UI's promoters, promoter group, or group companies have any interest in this transaction.
