Gujarat Alkalies and Chemicals Limited to acquire 26% SPV stake

Gujarat Alkalies and Chemicals Limited will acquire 26% of FPEL Bhanu Private Limited to establish a Gujarat captive wind-solar project rated at 19.8 megawatts (MW) of wind and approximately 25 megawatt-peak (MWp) of solar, with all output designated for its captive use.

What has GACL agreed to acquire?

GACL has agreed to acquire 26% of FPEL Bhanu Private Limited, the special-purpose vehicle (SPV) set up for the proposed Gujarat project. The company disclosed on November 12, 2026 that it had executed a share purchase agreement and shareholders’ agreement with Fourth Partner Energy Private Limited and FPEL Bhanu for the captive wind-solar hybrid project.

The initial ownership structure gives GACL a 26% interest and Fourth Partner Energy a 74% interest, a difference of 48 percentage points. The filing says both parties will make further equity investments from time to time in the same 26:74 ratio to establish the project. GACL and FPEL Bhanu have also executed power consumption agreements and other related agreements.

FPEL Bhanu was incorporated in India on November 21, 2025 and has not started business operations. Its turnover for the past three years is therefore listed as not applicable, meaning the transaction concerns a pre-operational renewable-energy SPV rather than a generator with reported revenue.

What capacity will the Gujarat captive project have?

The Gujarat project is planned with 19.8 MW of wind capacity and approximately 25 MWp of solar capacity. The filing also identifies the solar plant’s alternating-current (AC) capacity as 19.25 MW, separately from the approximately 25 MWp solar rating.

The proposed asset therefore combines wind and solar generation rather than relying on one technology. The stated solar AC capacity of 19.25 MW is 0.55 MW below the 19.8 MW wind capacity, although these are capacity ratings and not forecasts of electricity generation or revenue.

GACL states that the acquisition is intended to set up the captive wind-solar hybrid project in Gujarat. The disclosure does not provide project cost, expected annual output, commissioning date, location within Gujarat, tariff, financing terms or an estimate of electricity-cost savings.

How will GACL use electricity from FPEL Bhanu?

GACL will use the entire power generated by FPEL Bhanu for captive use, according to the disclosure. The power consumption agreements link the proposed 19.8 MW wind and approximately 25 MWp solar project directly to GACL’s own electricity consumption.

FPEL Bhanu’s disclosed line of business is renewable energy for captive use. This differs from a structure centred on third-party power sales because the filing specifies that all generation from the SPV will be consumed by GACL.

The company has not disclosed the start date for power consumption, the duration of the power consumption agreements or annual electricity volumes. The filing also does not identify which GACL facilities will receive the power, although it lists the company’s registered office and works at Ranoli in Vadodara district, Gujarat.

What are GACL's transaction terms and timing?

GACL will pay cash for its initial 26% acquisition, with the shares to be purchased at face value. The filing does not disclose the total cash consideration, face value per share, number of shares acquired or the amount of future equity that GACL and Fourth Partner Energy may invest.

The initial proposed acquisition is not a related-party transaction, and the filing says the promoter, promoter group and group companies have no interest in the target entity. It also says no governmental or regulatory approvals are required for the acquisition, while providing no separate list of approvals for project development.

GACL expects the acquisition of the 26% shares to be completed shortly, without a calendar deadline. The November 12, 2026 announcement was issued under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, read with a SEBI master circular dated January 30, 2026.

Why is FPEL Bhanu the project vehicle?

FPEL Bhanu is the SPV through which GACL and Fourth Partner Energy will own and fund the Gujarat captive project. Its authorised capital of Rs 15 lakh exceeds its paid-up capital of Rs 1 lakh by Rs 14 lakh before the further equity investments described in the filing.

Fourth Partner Energy is FPEL Bhanu’s parent before GACL’s proposed purchase, while GACL is to become a 26% shareholder under the executed agreements. The filing classifies the target entity’s industry as renewable energy and describes its business as renewable energy for captive use.

No operating-year turnover comparison is available because FPEL Bhanu has not commenced operations and its historical turnover is reported as not applicable. The disclosed comparisons are instead the 26% and 74% planned ownership interests, as well as the 19.8 MW wind rating and approximately 25 MWp solar rating.

Conclusion

The agreements establish a jointly funded route for GACL to hold 26% of a renewable-energy SPV while consuming all power from its proposed Gujarat hybrid project. FPEL Bhanu will combine 19.8 MW of wind capacity with approximately 25 MWp of solar capacity, while Fourth Partner Energy will retain the larger initial 74% ownership interest and fund the SPV in the same proportion.

The next stated milestone is completion of GACL’s 26% acquisition, which the company expects shortly. The disclosed terms leave the cash amount, future equity contribution amounts, project schedule and electricity volumes unresolved, while FPEL Bhanu remains pre-operational after its November 21, 2025 incorporation.