JK Cement has made an investment in the equity share capital of Mehrauni Electro Power (the SPV). The company has subscribed to 21,00,000 equity shares of face value Rs 10 aggregating to Rs 2.10 crore, representing 9.77% of the equity share capital of SPV. This investment is pursuant to the Power Purchase Agreement (PPA)/ Shareholder Subscription Agreement and strengthens the company’s long term renewable energy strategy.
Mehrauni Electro Power is a special purpose vehicle established by the Onward Solar Power, which is currently establishing a facility with 40 MW AC capacity solar power plant in Uttar Pradesh. This project as per PPA with Mehrauni Electro Power and Onward Solar for supplying 7 MWp solar power to the company’s Prayagraj plant.
JK Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.
