UltraTech Cement acquires 26% stake in Clean Max Sapphire for Rs 45.77 crore

The acquisition, valued at ₹45.77 crore, will support UltraTech’s ongoing efforts to integrate sustainable energy solutions into its operations. The deal is structured through an Energy Supply Agreement and a Share Subscription and Shareholders Agreement.

UltraTech Cement Limited has announced the acquisition of a 26% equity stake in Clean Max Sapphire Private Limited, a company focused on generating and transmitting renewable energy. This strategic move is aimed at bolstering UltraTech’s green energy supply, optimizing energy costs, and ensuring compliance with regulatory requirements for captive power consumption.

The acquisition, valued at ₹45.77 crore, will support UltraTech’s ongoing efforts to integrate sustainable energy solutions into its operations. The deal is structured through an Energy Supply Agreement and a Share Subscription and Shareholders Agreement.

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Clean Max Sapphire, a special-purpose vehicle for setting up a 55 MW wind-solar hybrid power project, is located in Karnataka. The project will provide renewable energy to UltraTech’s operations, aligning with the company’s commitment to reducing its carbon footprint and achieving sustainability goals. The acquisition also reflects UltraTech’s strategy to enhance its operational efficiency while meeting regulatory mandates for renewable energy use.

The deal is not a related-party transaction, and there is no promoter or promoter group interest in Clean Max Sapphire. The acquisition is expected to be completed within 180 days from the execution of the agreements.

UltraTech Cement continues to drive its sustainability initiatives, leveraging renewable energy projects to reduce dependence on non-renewable sources while maintaining operational growth in the competitive cement industry.