GMR Power arm, Grasim Ind ink pact for 10-MW captive solar project in Odisha
This story was originally published at 11:23 IST on 10 July 2026
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MUMBAI – GMR Power and Urban Infra Ltd. Thursday said its subsidiary, GMR Kalinga Solar Power Ltd., had inked a pact with Grasim Industries Ltd. to fund the 10-megawatt captive solar power project in Odisha. GMR Kalinga allotted shares in a ratio of 71:29, with its immediate parent GMR Energy Ltd. holding a 71% stake. As a result, GMR Kalinga has become GMR Power's step-down subsidiary from a wholly-owned subsidiary.
Grasim Industries will hold a 29% stake in the Odisha project. GMR Energy had earlier incorporated GMR Kalinga as its wholly-owned subsidiary for the aforementioned solar project, GMR Power said in an exchange filing. Grasim Industries and GMR Kalinga had also inked a long-term power supply agreement, according to the filing.
GMR Power reported a consolidated net loss of INR 1.12 billion for the March quarter on revenues of INR 20.04 billion. At 1012 IST, shares of the company were trading 0.8% higher at INR 99.80 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ruchira Kagita
Edited by Deepshikha Bhardwaj
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