UltraTech Cement Limited has entered into an energy supply agreement and a share subscription and shareholders agreement (SSSHA) to acquire a 26 per cent equity stake in AMPIN C&I Power Eight Private Limited.
The acquisition is aimed at fulfilling UltraTech’s green energy requirements, optimising energy costs, and ensuring compliance with regulatory norms for captive power consumption under electricity laws. AMPIN C&I Power Eight Private Limited is engaged in the generation and transmission of renewable energy (solar power), and the proposed transaction does not qualify as a related party transaction. The acquisition will be completed within 180 days from the execution of the agreement, through a cash consideration of up to Rs 2.55 billion.