Ambuja Cements to invest Rs 6,000 crore in renewable power projects – EQ
In Short : Ambuja Cements has announced a substantial investment of Rs 6,000 crore in renewable power projects. This strategic commitment underscores the company’s dedication to sustainable practices, as it aims to enhance its energy portfolio with a focus on renewable sources, contributing to both environmental and business goals.
In Detail : Indian construction materials maker Ambuja Cements will invest Rs 6,000 crore (nearly $723 million) in renewable power projects, the company said on Monday.
The investment will be funded internally and is expected to target a capacity of 1,000 megawatts (MW) through solar and wind power projects in Gujarat and Rajasthan, it said in an exchange filing, without providing details on the funding process.
The Adani Group-owned company added that the capacity from solar power and wind power projects will be achieved by fiscal 2026, and add to its existing capacity of 84 MW.
These projects will increase the company’s total green power capacity to 60 per cent from the existing 19 per cent, it said.
Earlier this month, Ambuja Cements acquired a majority stake in Sanghi Industries for Rs 5,185 crore.
Last month, bigger rival UltraTech Cement said it will acquire the cement business of Kesoram Industries in an all-stock deal valued at Rs 5,379 crore.
