UltraTech Cement has announced its decision to acquire a 26.18% equity stake in Sunsure Solarpark Seven Private Limited. The acquisition aims to support UltraTech’s green energy objectives, optimise energy costs, and ensure compliance with regulatory requirements for captive power consumption under electricity laws.
The acquisition involves a cash consideration of up to ₹19.2 crore. UltraTech Cement has entered into an Energy Supply Agreement and a Share Subscription and Shareholders Agreement to facilitate this transaction. The completion of the acquisition is expected within 180 days from the execution of these agreements.
Sunsure Solarpark Seven Private Limited is engaged in the generation and transmission of renewable energy, specifically solar power. The company is a special purpose vehicle (SPV) established to set up a 60 MWp DC / 40 MW AC solar power project on a captive basis in Charkhari, Uttar Pradesh, India. This solar project will include an integrated battery energy storage system (BESS) to operate alongside the solar facility.
The acquisition does not constitute a related party transaction, and neither the promoter group nor any group companies have an interest in the transaction. Sunsure Solarpark was incorporated on 20th July 2022 and has not reported any turnover in the last three years.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).