Vardhman Textiles to Take 26 Percent Stake in Serentica for INR 41.85 Crore

Vardhman Textiles Ltd. will invest INR 41.85 crore to acquire a minimum 26 percent stake in Serentica Renewables India 32 Pvt. Ltd, a special purpose vehicle set up for a captive renewable power project.

The company said its Committee of Directors (Renewable Energy) has approved and executed a Share Subscription cum Shareholders’ Agreement with Serentica Renewables India Pvt. Ltd and Serentica Renewables India 32 Pvt. Ltd. It has also entered into a Power Delivery Agreement with the power producer.

The project comprises a 40 MW wind power plant in Karnataka and a 40 MWp/30 MW solar power plant in Rajasthan, along with associated transmission facilities and other infrastructure connected to the interstate transmission system (ISTS) grid.

The project will supply 27 MW of contracted wind-solar hybrid power to Vardhman Textiles’ facilities in Himachal Pradesh.

Serentica Renewables India 32 Pvt. Ltd will have a total capital of INR 160.96 crore. Vardhman Textiles will contribute INR 41.85 crore for its minimum 26 percent stake, while Serentica Renewables India Pvt. Ltd will contribute INR 119.11 crore for up to 74 percent.

Vardhman Textiles will make its contribution in three tranches linked to different stages of project development. The investment will be made in cash and is intended to meet regulatory requirements for captive power consumption under Indian electricity laws.

The power producer will have rights to establish and operate the project, while Vardhman Textiles will have rights over reserved matters. Voting rights will be proportionate to the respective shareholding.

Serentica Renewables India 32 Pvt. Ltd was incorporated on June 29, 2025. The company is engaged in developing and operating renewable power projects and has not yet commenced commercial operations.