UltraTech to pick up 26% in Sunsure Solarpark Seven
UltraTech Cement is set to acquire a significant stake in Sunsure Solarpark Seven. This move aims to secure green energy for UltraTech. The acquisition will help optimize energy costs and meet regulatory demands. The deal is expected to be finaliz...
By ET Bureau |
IANS
The acquisition will be completed in 180 days from the execution of Energy Supply Agreement and Share Subscription and Shareholders Agreement.
MUMBAI: UltraTech Cement will acquire a 26.18% stake in Sunsure Solarpark Seven, a renewable energy generation and transmission company, for up to Rs 19.2 crore, the company said on Wednesday.
“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,” UltraTech said in an exchange filing. The acquisition will be completed in 180 days from the execution of Energy Supply Agreement and Share Subscription and Shareholders Agreement.
“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,” UltraTech said in an exchange filing. The acquisition will be completed in 180 days from the execution of Energy Supply Agreement and Share Subscription and Shareholders Agreement.
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