Indus To Acquire Stake in Amplus Tungabhadra’s Solar Plant

Indus Towers To Acquire Stake In Amplus Tungabhadra's 50 MW Solar Plant

In a pursuit of expanding its renewable energy portfolio, Gurugram-based Indus Towers has agreed to acquire a 26% equity stake in Amplus Tungabhadra Private Limited. Together, they will form a special purpose vehicle (SPV) to own and operate a Captive Power Plant (CPP).

The company said in a regulatory filing, “Indus Towers is set to acquire a 26% stake in Amplus Tungabhadra for Rs 27 crore to own and operate a 50 MW solar PV captive power plant.” The company further explained, “Amplus Tungabhadra is engaged in owning, establishing, constructing, operating, and maintaining power stations, including renewable energy plants. It also undertakes captive generation, banking, transformation, distribution, transmission, trading, and supply of electricity. Amplus Tungabhadra will be setting up a 50 MW solar captive plant.”

Indus Expands Its Renewable Energy Portfolio

Over the past year, Indus Towers has expanded its renewable energy footprint by entering into a power purchase agreement (PPA) with JSW Green Energy Eight Limited, a special purpose vehicle (SPV). Under this agreement, Indus Towers will receive 130 MW of renewable energy from a solar power plant under captive mode. The company has also agreed to invest approximately Rs 38.03 crore.

Subject to regulatory approvals, the project is expected to be completed by March 2026. Under the agreement, Indus Towers will build, develop, accumulate, purchase, and sell electrical power or other forms of energy using both conventional and non-conventional methods.

Additionally, the company has explored opportunities in the Electric Vehicle (EV) charging infrastructure sector. Indus Towers’ Board of Directors has approved proceeding with this initiative, subject to a prudential framework. This follows the company’s earlier pilot projects in the same space.

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Indus Towers said in a regulatory filing, “We have already launched pilot EV charging stations in Gurugram and Bengaluru. The company is well-positioned to contribute to the EV charging infrastructure sector by leveraging its expertise in managing and providing space, power, and operations and maintenance (O&M) for seamless operation and efficiency. This aligns with Indus Towers’ long-term growth strategy by expanding into relevant adjacent business opportunities.”

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