Kiri Industries Limited has issued a Letter of Intent (LOI) for a significant hybrid power project in Gujarat, marking a strategic move towards renewable energy adoption. The company announced this development on January 28, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Project Overview and Partners

The hybrid power project will be installed at Kamlapur site in Rajkot District, Gujarat. The company has issued the LOI to two specialized entities in the renewable energy sector:

Financial and Technical Specifications

The project represents a substantial investment in renewable energy infrastructure with specific technical parameters designed to meet the company's power requirements.

Commercial Terms and Implementation

The LOI establishes comprehensive commercial framework covering multiple aspects of project execution. The broad commercial terms include:

• Scope of work definition
• Pricing structure
• Commissioning timelines
• Payment terms
• Liquidated damages provisions
• Operations and maintenance framework
• Land arrangements
• Standard terms and conditions

The company indicated that definitive agreements will be executed in due course, following the framework established in the current LOI.

Strategic Benefits and Rationale

The hybrid power project aligns with Kiri Industries' operational and sustainability objectives. The power generated from this project will primarily serve the company's existing manufacturing facilities, resulting in energy cost optimization. Additionally, the project supports several strategic initiatives:

• Increased utilization of renewable energy sources
• Reduction in carbon footprint
• Strengthening of Environmental, Social and Governance (ESG) profile
• Enhanced energy security for manufacturing operations

Regulatory Compliance and Future Updates

The announcement was made in compliance with SEBI regulations, specifically under Schedule III, Part B of the SEBI (LODR) Regulations, 2015. Kiri Industries has committed to keeping stock exchanges informed of material developments, including the execution of definitive agreements, in accordance with applicable regulations. The company's proactive approach to regulatory compliance ensures transparency throughout the project implementation process.

Kiri Industries has disclosed that its subsidiary Indo Asia Copper Limited (IACL) received approval under the Production Linked Incentive (PLI) Scheme for White Goods. The approval letter was dated January 27, 2026, and received on January 28, 2026, from IFCI Limited, which serves as the Project Management Agency (PMA) and monitoring agency on behalf of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry.

PLI Scheme Approval Details

The approval covers a strategic segment within the white goods manufacturing sector, specifically targeting high-value intermediaries for air conditioning systems.

Scheme Benefits and Conditions

Under the PLI Scheme for White Goods covering Air Conditioners and LED Lights, IACL will be eligible for incentives calculated as a percentage of net sales. The scheme provides incentives up to 4% of net sales for the approved category, subject to specific limits and conditions outlined in the scheme guidelines.

The incentive structure is performance-based and will only be available upon achievement of prescribed eligibility conditions. These conditions include meeting minimum incremental investment thresholds and achieving specified net incremental sales targets, with verification required by the competent authority.

Compliance Requirements

IACL must comply with all applicable conditions specified under the PLI Scheme and meet statutory requirements within prescribed timelines. The company will need to demonstrate adherence to investment commitments and sales performance metrics to qualify for the incentive payments.

The approval represents a significant development for Kiri Industries' subsidiary operations, positioning IACL in the manufacturing of essential components for the air conditioning industry. The copper tubes manufacturing facility will contribute to the domestic production capabilities for white goods components under the government's production-linked incentive framework.