UltraTech Cement to acquire 26 pc in Amplus Ages by investing Rs 49 cr – EQ
In Short : UltraTech Cement has announced plans to acquire a 26% stake in Amplus Energy Solutions by investing Rs 49 crore. This strategic move signifies UltraTech’s commitment to expanding its presence in the renewable energy sector, leveraging Amplus’s expertise and contributing to sustainable energy solutions.
In Detail : The acquisition is expected to be completed within 180 days from the execution of the electricity offtake agreement and share subscription and shareholders agreement.
Leading cement maker UltraTech Cement on Thursday announced the acquisition of 26% stake in Amplus Ages by investing Rs 49 crore.
Amplus Ages is engaged in the generation and transmission of renewable energy.
UltraTech Cement has entered into a share subscription and shareholders’ agreement to acquire 26% equity shares of Amplus Ages Pvt Ltd, the Aditya Birla Group firm said in a regulatory filing.
“The acquisition is for the purposes of meeting the company’s green energy needs, optimising energy cost and comply with regulatory requirements for captive power consumption under electricity laws,” it said.
The acquisition is expected to be completed within 180 days from the execution of the electricity offtake agreement and share subscription and shareholders agreement, it added.
