DCM Shriram Limited has approved an equity investment of up to Rs 870 million, to be made in one or more tranches, for setting up a 98.4 MW renewable energy project for its Bharuch plant in Gujarat.

The company will acquire a minimum 26 per cent equity stake in one or more special purpose vehicles to be formed for the project. The investment is expected to secure 48 MW of additional renewable power supply and provide 30 MW of round-the-clock power at a 75 per cent capacity utilisation factor for the Bharuch facility. The board has also approved up to Rs 1.3 billion of capital expenditure towards related infrastructure development.