UltraTech Cement has finalized agreements to obtain a 26.18% interest in Sunsure Solarpark Seven for a maximum of ₹19.2 crore, as part of its initiative to procure renewable energy and enhance power cost efficiency.
The firm has established an energy supply agreement in conjunction with a share subscription and shareholders’ agreement with the renewable energy company, which specializes in power generation and transmission.
This acquisition is intended to fulfill the company’s green energy needs, lower energy expenses, and adhere to regulatory requirements concerning captive power consumption as stipulated by electricity legislation. The transaction will be executed through a cash investment and is anticipated to be concluded within 180 days following the signing of the agreements.
