DCM Shriram Ltd. signs definitive agreement with Serentica Renewables to source 58 MW of Renewable Energy for its facilities in Bharuch, Gujarat

New Delhi- DCM Shriram Limited has entered into a definitive agreement with Serentica Renewables India Pvt. Ltd. for the development of a 58 MW peak hybrid renewable energy power project, primarily for its energy-intensive business in Bharuch, Gujarat. Upon completion, DCM Shriram's total renewable energy capacity will rise to 176 MW (peak) across it two sites in Bharuch & Kota, significantly expanding its clean energy base. The project is expected to be commissioned by June 2027. Under the agreement, DCM Shriram Limited will invest up to Rs. 105 crores in one or more tranches to acquire a minimum 26% equity stake in Serentica Renewables India Pvt. Ltd.

Commenting on the development, Mr. Sabaleel Nandy, Executive Director & CEO, DCM Shriram Chemicals, said, "The agreement is a strategic step in expanding the share of renewable energy across our chemical operations in Bharuch and our ongoing efforts towards making the business more sustainable. The project is expected to help avoid nearly 0.4 million tonnes of CO, emissions annually while increasing the share of renewable power. Further given, that power is one of the most significant input costs, this will help improve cost efficiency, provide greater visibility into long-term power costs and reduce exposure to fluctuations in conventional energy prices."

Commenting on the partnership, Mr. Akshay Hiranandani, CEO, Serentica Renewables, said, "Our partnership with DCM Shriram Chemicals marks another significant step in advancing India's industrial decarbonization journey. Through a 190 MW renewable energy project comprising solar power from Rajasthan and wind power from Karnataka, we will supply 58 MW renewable power to DCM Shriram Chemicals Bharuch plant, enabling reliable and sustainable energy for its operations."

The agreement strengthens DCM Shriram Chemicals renewable energy portfolio while supporting the long-term energy requirements of its Bharuch operations. Once commissioned, the project is expected to contribute meaningfully to the company's efforts to improve energy efficiency, reduce emissions and build a more resilient and sustainable manufacturing base.