Lloyds Metals and Energy Limited, an Indian iron ore minder and direct reduced iron (DRI) manufacturer, has entered into two power purchase agreements (PPAs) with Hinduja Renewables, securing a total of 60.7 MW of captive solar power, including 10.7 MW in the first PPA and 50 MW in the second one.

Besides, a share subscription and shareholders’ agreement was forged between Lloyds Metals and Energy, Hinduja Renewables Energy, and HR Godavari, the last of which was a jointly incorporated special purpose vehicle. As part of this, Lloyds Metals and Energy will acquire at least 26% of HR Godavari's paid-up equity, ensuring compliance with captive power project regulations.

The agreement also granted Lloyds Metals and Energy pre-emptive rights to maintain its minimum shareholding and significant affirmative voting rights on crucial corporate decisions for HR Godavari, safeguarding the captive status of the project.