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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.
Hindalco-backed Novelis reported in the fourth quarter of FY23, a net income of $156 million that was attributable to common stockholders, a 27% YoY decrease.
This is within the boundaries set by the company's board of directors and owners, it added.
According to a press statement from Aditya Birla Capital Ltd (ABCL), the company's total consolidated revenue increased by 21% to Rs.7,210 crore in the period of July through September 2022–23 from Rs.5,970 crore the previous year.
KSK Mahanadi had a total loan debt of Rs 3815.04 crore to SBI. SBI sold the company for Rs 1622 crore to Aditya Birla ARC.
In spite of being the owner of the four largest coal reserves, India imports 233 million tonnes of coal.
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