Leading cement company UltraTech Cement on Thursday announced the acquisition of 26% ownership in Amplus Ages by spending Rs 49 crore. Amplus Ages is a company that produces and distributes renewable energy.
The Aditya Birla Group company UltraTech Cement announced in a regulatory filing that it has signed into a share subscription and shareholders’ agreement to purchase 26% of the equity shares of Amplus Ages Pvt Ltd. ‘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,’ stated the statement.
It further stated that the transaction is anticipated to be finished 180 days after the completion of the shareholders’ agreement, share subscription, and power offtake agreement.
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