UltraTech Shines Bright: Acquires 26% Stake in Amplus Ages Solar Project

Cement manufacturer UltraTech has recently finalized an agreement to purchase 26 percent equity shares of Amplus Ages, committing an investment of Rs 49 crore. The primary objective of this acquisition is to address UltraTech's growing green energy requirements, streamline energy costs, and ensure compliance with regulatory standards for captive power consumption under electricity laws.

The completion of the acquisition process is anticipated within 180 days from the execution of the Electricity Offtake Agreement and the Share Subscription and Shareholders Agreement.

Amplus Ages operates as a company dedicated to the generation and transmission of renewable energy. It serves as a special purpose vehicle (SPV) responsible for establishing a 100 MW AC ISTS connected solar power project on a captive basis in Jaimalsar village, located in Bikaner, Rajasthan.

News by Rahul Yelligetti