UltraTech Cement invests Rs 49 crore to acquire 26% stake in Amplus Ages, a renewable energy company, to meet green energy needs and optimize energy costs.
New Delhi, Jan 11 (PTI) Leading cement maker UltraTech Cement on Thursday announced the acquisition of 26 per cent 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 per cent 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.
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