NEW DELHI: UltraTech Cement has signed agreements to acquire a 26.18% stake in Sunsure Solarpark Seven for up to ₹19.2 crore, as part of its strategy to source renewable energy and optimise power costs.
The company has entered into an energy supply agreement along with a share subscription and shareholders’ agreement with the renewable energy firm, which is engaged in power generation and transmission.
The acquisition is aimed at meeting the company’s green energy requirements, reducing energy costs and complying with regulatory norms related to captive power consumption under electricity laws.
The transaction will be completed through a cash investment and is expected to be finalised within 180 days from the execution of the agreements.
