UltraTech Cement acquires 26% stake in O2 renewable energy

Ultratech acquired O2 Renewable: UltraTech Cement, a prominent player in the cement industry, has announced its strategic move into the renewable energy sector by acquiring a 26 per cent equity stake in O2 Renewable Energy. 

This acquisition highlights UltraTech's commitment to green energy initiatives, aimed at meeting its energy needs sustainably, optimizing costs, and ensuring compliance with regulatory requirements for captive power consumption.

Through a combination of energy supply agreements and share subscription agreements, UltraTech Cement is poised to strengthen its position in the renewable energy landscape. The company's investment, amounting to a cash consideration of up to Rs 15.68 crore, signifies a proactive approach towards embracing sustainability practices.

With plans to complete the transaction within 180 days from the agreement's signing, UltraTech Cement demonstrates its readiness to capitalise on opportunities in the renewable energy sector, contributing to its long-term growth strategy while fostering environmental stewardship.

With PTI Inputs