JK Lakshmi Cement Limited (JKLAKSHMI) has announced its decision to acquire a 26% equity stake in two Special Purpose Vehicles (SPVs), DynoSpark Private Limited and Elevate Solar Energy Private Limited. This strategic move, approved by the Committee of Directors on June 4, 2026, is aimed at increasing the sourcing of renewable power to reduce operational costs at its various plant locations. The acquisition of DynoSpark, which will facilitate the setup of a 25 MW (AC)/36.25 MW (DC) Solar Power Plant with a 20 MWh Battery Energy Storage System (BESS) at its Udaipur Unit, involves a cash consideration of up to ₹16 Crore. DynoSpark was incorporated on July 27, 2025, and its financial details for the year ended March 31, 2026, include a turnover of Nil, a loss after tax of ₹0.66 Lakh, and a net worth of ₹0.34 Lakh. Simultaneously, the company will acquire a 26% equity stake in Elevate Solar Energy Private Limited for up to ₹8 Crore. This will support the establishment of a 17.14 MW (AC)/24 MW (DC) Solar Power Plant at its Durg Unit. Elevate Solar was incorporated on January 16, 2025. Both acquisitions are expected to be completed by October 31, 2026, enabling JKLAKSHMI to procure solar power at competitive market rates. The project implementors for these solar power plants are Oriana Power Limited for DynoSpark and Evolve Energy Group for Elevate Solar. The company has confirmed that these transactions do not fall within related party transactions and are conducted at arm's length.
