Indus Towers Limited, India’s largest telco tower operator, has acquired a 26 percent stake in JSW Green Energy Eight Limited, a special purpose vehicle (SPV) focused on solar power generation.

Indus acquired the stake for approximately ₹38.04 crore ($4.45 million), with the transaction expected to close by July 2026.

According to the company, the acquisition will bolster its renewable energy portfolio and reduce its reliance on fossil fuels. The companies also signed a long-term PPA to supply Indus with 130MW of solar power.

Indus currently has more than 211,000 telco towers and 360,000 co-location sites across 22 of India's telecom circles. The majority of its revenue is derived from long-term service contracts with major telco operators across the country, including Bharti Airtel and Vodafone Idea Limited.

The company has outlined a capital expenditure plan of ₹9,500 crore for FY24, aimed at supporting the nationwide rollout of 5G networks and expanding digital infrastructure. This will include investments in micro data centers and integrated digital solutions.

This includes investments in micro data centers and integrated digital solutions. A key component of this initiative is the integration of solar energy into tower operations to curb energy costs and environmental impact.

Indus has made several notable acquisitions so far in 2025. For example, in February, it finalized the purchase of 16,000 towers from Airtel and Bharti Hexacom.

JSW Green Energy is an SPV owned by Indian power generation firm JSW Energy. JSW has an installed generation capacity exceeding 10GW and a diversified energy portfolio, which includes thermal generation and traditional renewable energy assets. It aims to reach 20GW of total generation capacity by 2030.

In February, the company signed a 180MW Power Purchase Agreement with Amazon in India.