India Cements has entered into an energy supply and share subscription agreement to acquire a 3.62 per cent equity stake in Zenataris Renewable Energy, a company involved in the generation and transmission of renewable energy. The investment is intended to support the cement maker’s captive power requirements while helping it manage energy costs and meet regulatory obligations.

The consideration is an equity investment of more than Rs. 200 mn. The transaction is scheduled to close within 120 days of the agreement’s execution, India Cements said in a filing with the exchanges. The announcement was made on Thursday, October 15, 2026, with the filing updated on October 16.

Zenataris Renewable Energy is based in Hyderabad and has been established as a special purpose vehicle (SPV) for the development and operation of an Inter-State Transmission System (ISTS) hybrid renewable energy project. The project is located at Kudligi in Vijayanagara district, Karnataka, and is linked to the renewable energy supply arrangement with India Cements.

Under the agreement, the SPV will supply 11 MW of renewable energy to India Cements’ cement plants on a group captive basis. The supply arrangement is intended to help the company meet its green energy needs and optimise energy costs while supporting compliance with regulatory requirements for captive power consumption under electricity laws.

The share subscription and energy supply agreements together establish the framework for India Cements’ participation in the project and the purchase of renewable power. The company has not disclosed further financial terms of the equity subscription. The investment will give India Cements an interest in the entity developing the project while providing access to the specified renewable energy capacity for its cement operations.