Indus Towers Limited, India’s largest telco tower operator, has acquired a 26% stake in JSW Green Energy Eight Limited, a special purpose vehicle focused on solar power generation, for approximately ₹38.04 crore ($4.45 million). The acquisition aims to bolster Indus’ renewable energy portfolio and reduce its reliance on fossil fuels. As part of the deal, the companies have signed a long-term Power Purchase Agreement (PPA) to supply Indus with 130MW of solar power.
Indus Towers operates over 211,000 telco towers and 360,000 co-location sites across 22 of India’s telecom circles, with the majority of its revenue coming from long-term service contracts with major telco operators such as Bharti Airtel and Vodafone Idea Limited. The company has outlined a capital expenditure plan of ₹9,500 crore for FY24, which includes investments in micro data centers, integrated digital solutions, and the integration of solar energy into tower operations to reduce energy costs and environmental impact.
The acquisition of JSW Green Energy Eight Limited is part of Indus’ strategy to increase its use of renewable energy and reduce its carbon footprint. JSW Green Energy is an SPV owned by Indian power generation firm JSW Energy, which has an installed generation capacity exceeding 10GW and aims to reach 20GW of total generation capacity by 2030. JSW Energy has a diversified energy portfolio, including thermal generation and traditional renewable energy assets, and has signed a 180MW Power Purchase Agreement with Amazon in India.
This acquisition is not the first for Indus Towers in 2025, as the company finalized the purchase of 16,000 towers from Airtel and Bharti Hexacom in February. The deal is expected to close by July 2026 and is part of Indus’ efforts to support the nationwide rollout of 5G networks and expand digital infrastructure in India. By investing in renewable energy and reducing its reliance on fossil fuels, Indus Towers is taking a significant step towards a more sustainable future and reducing its environmental impact.