UltraTech invests in renewable energy specialist

UltraTech Cement has entered into a share subscription and shareholders’ agreement to acquire a 26 per cent stake in Amplus Ages Pvt Ltd, a specialist in the generation and transmission of renewable energy. 

"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," said UltraTech Cement.

The acquisition, which represents an investment of INR460m (US$5.55m), is expected to be completed within 180 days from the execution of the electricity offtake agreement and share subscription and shareholders agreement.