UltraTech Cement Announces Strategic Acquisition of Amplus Ages

MUMBAI (Economy India): UltraTech Cement Limited, a major player in the cement industry, has recently made a significant move in the renewable energy sector. The company, as per the latest disclosures aligned with the Securities and Exchange Board of India’s (SEBI) Listing Obligations and Disclosure Requirements Regulations of 2015, has entered into a Share Subscription and Shareholders Agreement for acquiring a 26% equity share in M/s Amplus Ages Private Limited.

This acquisition marks a pivotal step in UltraTech’s strategy to enhance its green energy capabilities and align its operations with sustainable practices.

Strategic Acquisition for Green Energy Initiatives

M/s Amplus Ages, known for its proficiency in generating and transmitting renewable energy, particularly solar power, has become a part of UltraTech’s broader vision to meet its green energy needs. The acquisition, valued at approximately Rs. 49 crores, aims at optimizing energy costs and adhering to regulatory requirements for captive power consumption under the current electricity laws.

Acquisition Details and Regulatory Compliance

The transaction, as detailed in Annexure A of the disclosure, is not classified as a related party transaction. Both UltraTech and Amplus Ages have confirmed that the promoter/promoter group companies hold no interest in the acquired entity. The acquisition process is expected to be completed within 180 days, post the execution of the Electricity Offtake Agreement and Share Subscription and Shareholders Agreement.

Amplus Ages Private Limited

Founded in April 2020, Amplus Ages has established a robust presence in the renewable energy sector, particularly solar power generation and transmission. The company, with a registered office in New Delhi, India, has been instrumental in setting up a 100 MW AC ISTS connected solar power project on a captive basis in Rajasthan. Despite its recent inception, the firm has shown promising growth in its turnover over the past three years.

UltraTech’s Commitment to Sustainability

UltraTech Cement Limited, part of the Aditya Birla Group, has been actively pursuing sustainable practices in its operations. This acquisition aligns with the company’s commitment to environmental stewardship and its long-term strategy of integrating renewable energy sources into its energy mix. As the company moves forward, this strategic partnership with Amplus Ages is expected to bolster its position as a leader in sustainable practices in the cement industry.