Kanishk Steel Industries and OPG Power (OPG group power companies) are related through common promoters and earlier equity linkages within the OPG Enterprises Group.

Key points of the relationship:

1. Same promoter / business group (OPG Enterprises Group)

- Kanishk Steel Industries Ltd is explicitly described as part of the OPG Enterprises Group, promoted by the late Shri O.P. Gupta and the Gupta family. (kanishksteels.in)

- OPG Power entities (OPG Power Generation Pvt Ltd, OPG Power Ventures plc, etc.) are the power-generation arm of the same OPG/Gupta group; senior management overlaps (e.g., Arvind Gupta moved from President of Kanishk Steel to lead OPG’s power businesses, and Ravi Kumar Gupta has held top roles in both Kanishk Steel and OPG Power Ventures). (investegate.info)

2. Direct JV / investment links in the past

- OPG Power Generation Pvt Ltd (Gummidipundi power plant SPV) was promoted jointly by OPG Energy Pvt Ltd and Kanishk Steel Industries Ltd, both belonging to the OPG Group. (cbonds.fr)

- Earlier, Kanishk Steel held 52% in OPG Energy Pvt Ltd, which implemented a 77 MW coal-based power project at Gummidipoondi; this was structured as a group captive power project for Kanishk Steel and other group entities. (projectstoday.com)

- Kanishk Steel also promoted OPG Renewable Energy Pvt Ltd as an SPV (holding 34% equity) and transferred a 10 MW power plant to it. (capitalmarket.com)

3. Current status (high level)

- Today, Kanishk Steel is a separately listed BSE steel company, while OPG Power Ventures plc is a separately listed AIM (London) power company.

- In OPG Power’s own filings, Kanishk Steel is disclosed as a related party – an entity over which key management personnel of OPG Power exercises control/significant influence – indicating ongoing promoter / group linkage rather than a simple arm’s‑length relationship. (investegate.info)

In summary:

- Kanishk Steel and OPG Power are group companies within the OPG/Gupta business group.

- Historically, Kanishk Steel had direct equity and project-level involvement in OPG power SPVs in Tamil Nadu.

- At present, they operate as separate listed entities, but remain connected through common promoters and related-party status, not as straightforward parent–subsidiary.

For primary references, you can review:

- Kanishk Steel: `https://www.kanishksteels.in`

- OPG Power Ventures (AIM announcements / annual reports): `https://www.londonstockexchange.com/stock/OPG/opg-power-ventures-plc/company-page`

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