Dalmia Bharat Completes 26% Acquisition in TrueRE Surya for Solar Power
Filing Summary
Dalmia Bharat Limited has completed the acquisition of a 26% equity stake in TrueRE Surya Private Limited through its subsidiary, Dalmia Cement (Bharat) Limited. The acquisition involves the purchase of 2,62,60,337 equity shares, valued at Rs. 42.87 Crore, to source up to 128 MW of solar power in Tamil Nadu. This transaction, finalized on January 14, 2026, aligns with Dalmia Bharat’s renewable energy goals. The acquisition is not a related party transaction, and no governmental approvals were required. TrueRE Surya is a Special Purpose Vehicle focused on solar power projects.
Dalmia Bharat Limited, through its wholly-owned subsidiary Dalmia Cement (Bharat) Limited (DCBL), has completed the acquisition of a 26% equity stake in TrueRE Surya Private Limited. This acquisition involves the purchase of 2,62,60,337 equity shares and was finalized on January 14, 2026. The transaction is part of Dalmia Bharat’s strategy to source solar power as a captive consumer, with a capacity of up to 128 MW located in Tamil Nadu.
The financial terms of the acquisition include a cash consideration of Rs. 42.87 Crore. The transaction does not fall under related party transactions, and the promoter or promoter group companies have no interest in the acquisition. The acquisition was executed at arm’s length, ensuring compliance with regulatory standards.
The operational scope of this acquisition is centered around enhancing Dalmia Bharat’s renewable energy capabilities. TrueRE Surya Private Limited is a Special Purpose Vehicle established to set up solar power projects on a captive basis. The solar power sourced through this acquisition will contribute to Dalmia Bharat’s commitment to achieving RE 100 by 2030 and becoming carbon negative by 2040. The renewable power sourced will qualify as a captive consumer under the Electricity Act and Rules.
TrueRE Surya Private Limited, incorporated on April 18, 2024, is focused on the power generation industry, specifically solar energy. The company has not reported any turnover for the fiscal year 2024-25. It is based in Greater Noida, Uttar Pradesh, and operates primarily in India. The acquisition aligns with Dalmia Bharat’s strategic objectives in the renewable energy sector.
The transaction was completed on January 14, 2026, at approximately 11:25 am. No governmental or regulatory approvals were required for this acquisition, streamlining the process. The acquisition is part of Dalmia Bharat’s broader strategy to enhance its renewable energy portfolio and meet its sustainability targets.
TrueRE Surya Private Limited is a company focused on developing solar power projects. As a Special Purpose Vehicle, it is dedicated to setting up solar power projects on a captive basis, contributing to the renewable energy sector in India.
Dalmia Bharat Limited is a leading player in the Indian cement industry, with a focus on sustainable and innovative solutions. The company is committed to expanding its renewable energy capabilities and achieving its sustainability goals, including RE 100 by 2030 and carbon negativity by 2040. Dalmia Bharat continues to invest in strategic acquisitions to enhance its operational efficiency and environmental impact.