UltraTech to buy stake in clean energy plant

Indian cement producer UltraTech, part of the Aditya Birla Group, will by a 26 per cent stake in O2 Renewable Energy XXII for approximately INR160m to meet the energy requirements of its cement plants.

New Delhi-based O2 is planning a 35-48MW solar power plant in Karnataka, India.

The acquisition is part of UltraTech's investments in clean power sources. The share purchase of O2 is also to optimise energy costs and comply with regulatory requirements in terms of captive power consumption under electricity laws, according to The Times of India.

UltraTech plans to increase the total share of green energy in its total energy mix to 85 per cent by 2030. In addition, the company aims to fully meet its electricity requirement through renewable sources by 2050, as part of its RE100 commitment.