MSP Steel And Power Signs Long-Term Solar Power PPA

26 Jun 2026 CW Team

MSP Steel and Power has surged after it signed a long-term power purchase agreement with Elevate Solar Energy to procure solar power and increase renewable energy consumption. The company hit an upper circuit of five per cent at Rs 44.22 following the announcement. Under the PPA MSP Steel and Power will procure power from a contracted solar capacity of 10 MWp (DC) at a tariff of Rs three point one seven per unit for a period of 25 years from the date of execution.

As part of the arrangement the company will acquire a 26 per cent equity stake in Elevate Solar Energy corresponding to its contracted energy requirement, subject to terms of a shareholders' agreement to be executed later. Elevate Solar Energy is developing a solar power project in Chhattisgarh's Baloda Bazar district with installed capacity of 70 MWp (DC) and 50 MW (AC). The developer's larger project scope underlines the long-term nature of the supply arrangement.

MSP Steel and Power is engaged in manufacturing and trading of iron and steel products, power generation, manufacturing and sale of cement clinker products and trading of industrial gases. The company reported consolidated net profit of Rs 851.9 mn in the fourth quarter of FY26 compared with a net loss of Rs 338.2 mn in the fourth quarter of FY25. Revenue from operations increased seven point four per cent year on year to Rs 8.16 bn in the quarter.

Market reaction reflected investor appetite for renewable initiatives as the stock moved to the upper circuit on the day of the announcement. The equity investment linked to the contracted requirement will align the company's renewable procurement with its operational needs, the release indicated. The PPA and stake acquisition create a longer-term linkage between offtaker and developer and are intended to support more predictable energy costs for the company.

Real Estate

16 Jul 2026

VeARC leases 27,000 sq ft office space in Bengaluru

VeARC India has leased approximately 27,000 sq ft of office space at The Executive Centre's (TEC) Helios Business Park on Outer Ring Road (ORR), Bengaluru, to support the expansion of its Global Capability Centre (GCC) operations.The new workspace accommodates more than 450 workstations and is intended to support the company's growing workforce in India. VeARC India serves as the Global Capability Centre for Long Arc Capital.Located on Bengaluru's Outer Ring Road, the office provides access to one of the city's key technology and business corridors. The expansion comes amid continued growth in..

Bharat Shah Family Buys Four Luxury Apartments In Worli For Rs1.8 bn

The family of veteran investor Bharat Shah has acquired four ultra-luxury apartments on the higher floors of Kalpataru One in Worli, South Mumbai, for Rs1.8 billion (bn). The purchases were registered on 6 July 2026 and were executed through Preeti Bharat Shah and Kinnari Bharat Shah, who bought the flats from Kalpataru Properties Limited. Property registration documents reviewed by Zapkey show the total consideration at Rs1.7941 billion. The transactions recorded a per square foot RERA carpet price of Rs0.101 million (mn), with each apartment valued at about Rs448.5 million. The four residenc..

NITI Aayog Consultation On Critical Mineral Supply Chains

NITI Aayog convened a stakeholder consultation in New Delhi on Wednesday to assess requirements for critical minerals across strategic sectors, bringing together experts from government, research institutions, academia and industry. The meeting aimed to estimate current and future demand, identify supply chain vulnerabilities and discuss measures to strengthen domestic capabilities in exploration, processing and recycling. The exercise formed part of broader efforts to secure mineral value chains essential for economic growth, technological advancement and national security.\n\nDiscussions con..