Dalmia Bharat has announced a strategic renewable energy investment through its wholly-owned subsidiary Dalmia Cement (Bharat) Limited (DCBL). The company filed a regulatory disclosure under SEBI Listing Regulations on March 20, 2026, detailing the acquisition of a minority stake in Ventora Energy Private Limited.

Transaction Structure

DCBL has entered into a Share Subscription and Shareholders' Agreement (SSSHA) along with a Power Purchase Agreement (PPA) to acquire a 26% stake in Ventora Energy Private Limited. The transaction involves acquiring 44,22,600 equity shares of face value ₹10 each at par, representing a total investment of ₹4.42 crore.

Wind Power Capacity and Strategic Objectives

The acquisition provides access to 8.1 MW of wind power generation capacity located in Tamil Nadu. Dalmia Bharat will operate as a captive consumer under the Electricity Act, supporting the company's renewable energy commitments. The investment aligns with the group's RE 100 target by 2030 and carbon negative goal by 2040.

Target Company Profile

Ventora Energy Private Limited operates as a Special Purpose Vehicle for wind power project development. The company was incorporated on December 11, 2025, with its registered office in Gurgaon, Haryana. As a recently incorporated entity, Ventora Energy represents a focused investment in renewable energy infrastructure.

Implementation Timeline and Regulatory Aspects

The acquisition is subject to customary conditions precedent and is expected to complete within three months. The transaction does not constitute a related party transaction, with no promoter or group company interests in the target entity. No specific governmental or regulatory approvals are required for this acquisition, streamlining the completion process.

Dalmia Bharat Limited has received significant relief in a money laundering case as the Appellate Tribunal under the Prevention of Money Laundering Act substantially reduced the Proceeds of Crime against its subsidiary from ₹793.34 crore to ₹92.52 crore. The tribunal's order provides major respite to the cement manufacturer, which has been dealing with regulatory challenges including earlier Competition Commission investigations into bid rigging practices.

Tribunal Order Details

The PMLA Tribunal delivered its final order on March 9, 2026, which was received by Dalmia Bharat on March 11, 2026. The decision partially allowed the appeal filed by Dalmia Cement (Bharat) Limited (DCBL), the company's material wholly owned subsidiary, against the Enforcement Directorate's provisional attachment order.

Background of the Case

The case originated from a Provisional Attachment Order dated March 31, 2025, issued by the Enforcement Directorate, Hyderabad, against DCBL. The order provisionally attached land parcels belonging to the subsidiary, with the attachment later confirmed by the Adjudicating Authority on September 22, 2025. The company had previously disclosed these developments to stock exchanges in April and September 2025.

Impact on Operations

Following the tribunal's decision, the land parcels of DCBL that were attached by the Enforcement Directorate will be correspondingly reduced in line with the lower PoC amount. The company stated that DCBL will make necessary applications before the ED for release of the attached land parcels, including substitution by any other security as per the tribunal's final order.

Company's Response and Future Action

Despite the substantial reduction in the PoC amount, DCBL maintains its position that it does not agree with the tribunal's findings regarding the ₹92.52 crore being classified as Proceeds of Crime. The company is examining the tribunal's order and, based on legal advice, plans to pursue appropriate legal remedies by challenging the order before the appropriate forum.

Regulatory Context

This development comes amid ongoing regulatory scrutiny of the cement industry. Earlier investigations by the Competition Commission of India had revealed anti-competitive practices within the sector, including bid rigging activities involving multiple cement companies over extended periods. The current PMLA case represents a separate regulatory challenge that Dalmia Bharat has been navigating through proper legal channels.