UltraTech Cement has announced the acquisition of a 26% equity share in AMPIN C&I Power Eight Private Limited.
The acquisition is part of a strategy to meet the company’s green energy requirements and optimize energy costs.
AMPIN C&I Power Eight is involved in the generation and transmission of renewable energy, specifically solar power.
The total investment for the acquisition is approximately Rs. 25.5 Crores.
This transaction is not classified as a related party transaction.
The acquisition is expected to be completed within 180 days from the signing of the agreements.
AMPIN C&I Power Eight is a newly incorporated special purpose vehicle for a solar power project in Rajasthan.
Ultratech shares were up 0.2% at ₹11,741 on Wednesday.
This news was first reported for Dzambhala NodeX subscribers.
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