UltraTech Cement has disclosed its decision to acquire a 26 per cent stake in Amplus Ages by investing Rs 49 crore. Amplus Ages is actively involved in the generation and transmission of renewable energy. The Aditya Birla Group firm formalised the agreement through a share subscription and shareholders’ agreement, according to the regulatory filing.
The primary objective behind this acquisition, as stated by UltraTech Cement, is to fulfill the company’s green energy requirements, optimise energy costs and adhere to regulatory requirements for captive power consumption under electricity laws. The move reflects the company’s strategic approach towards sustainability and compliance with environmental standards.
The completion of the acquisition is expected within 180 days from the execution of the electricity offtake agreement and share subscription and shareholders’ agreement. This timeline underscores the commitment to swiftly integrate Amplus Ages into UltraTech Cement’s portfolio, reinforcing the company’s position in the renewable energy sector.
The investment in Amplus Ages aligns with UltraTech Cement’s broader strategy to diversify its energy sources and contribute to a more sustainable and eco-friendly operational framework. This move not only serves the company’s immediate energy needs but also positions it favorably in the context of evolving regulatory landscapes and growing emphasis on renewable energy solutions.
