Godawari Power & Ispat has incorporated a new wholly owned subsidiary, Godawari Energy Solutions Private Limited (GESPL), in Maharashtra on October 17, 2026. The entity is established to focus on Engineering, Procurement and Construction (EPC) activities within the renewable energy and infrastructure sectors.

Subsidiary details and scope

The new subsidiary, GESPL, will undertake turnkey engineering, procurement, construction, erection, installation, testing, commissioning, operation, and maintenance activities. Its primary focus areas include Battery Energy Storage Systems, renewable energy, power, electrical systems, and allied infrastructure projects. The company falls under the industry classification of other civil engineering and infrastructure projects.

Capital structure and ownership

Godawari Power & Ispat holds 100% of the shareholding in GESPL. The initial subscription involved a cash consideration of ₹1,00,000, comprising 10,000 equity shares with a face value of ₹10 each, subscribed at par value. The incorporation was approved by the Registrar of Companies (ROC), Central Registration Centre (CRC), and the Ministry of Corporate Affairs (MCA).

Strategic expansion into renewables

This move signals an expansion of the company's operational footprint beyond its core steel and power generation businesses into the broader energy transition landscape. By establishing a dedicated entity for EPC services in battery storage and renewable energy, the company positions itself to capture opportunities in India's growing clean energy infrastructure market.

Godawari Power & Ispat Ltd has completed the second tranche of its stake disposal in Jammu Pigments Limited (JPL), selling 3,35,100 equity shares for ₹10 crore. This transaction reduces the company's shareholding in the associate firm from 39.99% to 38.27%.

The transfer was executed on October 13, 2026, with the consideration received by the company. This move follows an earlier disclosure on July 29, 2026, regarding the initial transfer of 7,74,000 equity shares in JPL.

Divestment Strategy Overview

The current sale is part of a broader partial divestment plan approved by the Board of Directors on July 24, 2026. The board had authorized the sale of a total of 16,75,000 equity shares held by Godawari Power & Ispat in JPL.

Key details of the overall divestment plan include:

• Total Shares Approved for Sale: 16,75,000 equity shares
• Fair Value per Share: ₹298.45
• Aggregate Value: ₹49.99 crore
• Buyers: Promoters of JPL and/or their relatives or affiliates

Transaction History and Stake Reduction

The divestment is being carried out in tranches. The first tranche involved the transfer of 7,74,000 shares, while the recent second tranche covered 3,35,100 shares. The following table summarizes the stake evolution:

What the Numbers Show

A comparison of the approved fair value and the actual transaction value reveals a divergence. The board-approved fair value was set at ₹298.45 per share. However, the second tranche of 3,35,100 shares fetched ₹10 crore, which implies an effective realization of approximately ₹298.42 per share. This slight variance suggests the transaction price closely tracked the initially assessed fair value, indicating a consistent valuation approach across the tranches despite the market conditions between July and October 2026.