MUMBAI: UltraTech Cement will acquire a 26.18% stake in Sunsure Solarpark Seven, a renewable energy generation and transmission company, for up to Rs 19.2 crore, the company said on Wednesday.
“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,” UltraTech said in an exchange filing. The acquisition will be completed in 180 days from the execution of Energy Supply Agreement and Share Subscription and Shareholders Agreement.