UltraTech to buy 26% stake in O2 Renewable for green energy needs – EQ
In Short : UltraTech Cement intends to purchase a 26% equity stake in O2 Renewable, underscoring its dedication to sustainable energy solutions and bolstering its capacity to meet green energy demands in line with environmental commitments.
In Detail : The cement maker company has entered into an energy supply agreement and share subscription and shareholders agreement with O2 Renewable Energy
UltraTech Cement on Wednesday said it will acquire 26 per cent equity of O2 Renewable Energy, a company engaged in the generation and transmission of renewable energy.
This will help the Aditya Birla Group firm meet green energy needs, optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws.
The cement maker company has entered into an energy supply agreement and share subscription and shareholders agreement with O2 Renewable Energy.
“The acquisition is for the purposes of meeting the company’s green energy needs, optimising energy cost and complying with regulatory requirements related to captive power consumption under electricity laws,” UltraTech said in a regulatory filing.
On the equity investment, the company said it would be a cash consideration of up to Rs 15.68 crore and expects to complete it within 180 days from the signing of the agreement.
