DCM Shriram Limited has signed a definitive agreement with Serentica Renewables India 38 Pvt Ltd to develop a 58 MW peak hybrid renewable energy project for its energy-intensive operations in Bharuch, Gujarat, the company said in a regulatory filing dated July 17, 2026.
The disclosure, made under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, follows earlier communications on March 12, 2026 and June 19, 2026, in which the company’s board had approved an equity investment of up to Rs 105 crore for a minimum 26 per cent stake in one or more special purpose vehicles to secure the additional renewable power supply.
Under the agreement, DCM Shriram will invest up to Rs 104.4 crore in one or more tranches to acquire and maintain control of up to 26 per cent of the target entity, in line with group captive generation requirements under the Electricity Act, the filing said. The consideration will be paid in cash, with the acquisition expected to be completed by June 30, 2027.
Serentica Renewables India 38 Pvt Ltd, incorporated on January 1, 2026 and headquartered in Gurugram, Haryana, is engaged in the generation, transmission and distribution of power through non-conventional methods. The company has no related-party interest in the transaction, according to the filing.
With this addition, DCM Shriram’s total renewable power capacity across its Bharuch and Kota sites will rise to 176 MW (peak), the company said in an accompanying press release. The Bharuch project alone will provide around 36 MW of round-the-clock power.
Sabaleel Nandy, Executive Director and CEO of DCM Shriram Chemicals, said the agreement was a strategic step in expanding renewable energy use across the company’s chemical operations in Bharuch. He said the project was expected to help avoid nearly 0.4 million tonnes of carbon dioxide emissions annually, while improving cost efficiency and reducing exposure to fluctuations in conventional energy prices.
Akshay Hiranandani, CEO of Serentica Renewables, said the partnership marked another step in India’s industrial decarbonisation efforts. He said the supply would be drawn from a 190 MW renewable energy project combining solar power from Rajasthan and wind power from Karnataka.
DCM Shriram Limited is a diversified business group with a group turnover of Rs 14,264 crore, spanning chlor-vinyl products, agri-rural inputs including sugar and urea, hybrid seeds, and building systems, according to the company. DCM Shriram Chemicals, its chlor-alkali arm, is India’s second-largest producer in the segment with an installed capacity of 1 million tonnes per annum across its Bharuch and Kota facilities. Serentica Renewables, backed by a $650 million investment from KKR, has said it aims to reach over 50 billion units of clean energy supply annually as part of its broader decarbonisation push.
