UltraTech Cement has strategically entered into a Share Subscription and Shareholders Agreement to acquire a substantial 26% equity stake in Clean Max Terra Private Limited. Clean Max Terra is actively involved in the generation and transmission of renewable energy, aligning with UltraTech’s commitment to sustainable practices.
This move is part of UltraTech Cement’s broader strategy to meet its green energy requirements, optimize energy costs, and ensure compliance with regulatory standards for captive power consumption under electricity laws.
The indicative timeline for the completion of this acquisition is set at within 60 days from the execution of the Energy Supply Agreement and Share Subscription and Shareholders Agreement. The equity investment for this acquisition is valued at up to Rs 20.25 crores.
The shares for UltraTech Cement ended today at Rs 9916.2.
Clean Max Terra Private Limited operates as a special purpose vehicle (SPV) and is headquartered in Mumbai. The company is focused on establishing a 50 MW AC / 75 MW DC solar power project on a captive basis at Saraipali Village, Mahasamund District, in the state of Chhattisgarh.
UltraTech Cement Limited stands as a prominent Indian multinational cement company. Holding the title of the largest manufacturer of gray cement, ready-mix concrete, and white cement in India, it has also earned the rank of the fifth-largest globally.
