UltraTech Cement to Acquire 26.20% Stake in Sunsure Solarpark Thirty Eight for Rs 6.72 Crore to Meet Green Energy Needs

On Friday, shares of UltraTech Cement Ltd fell 2.43 per cent to Rs 11,990 per share from its previous closing of Rs 12,288 per share. The stock’s 52-week high is Rs 13,110 per share and its 52-week low is Rs 10,295.25 per share. The stock hit an Intraday high of Rs 12,208, which is about 1.82 per cent higher than its last traded price. 

UltraTech Cement Ltd has informed exchanges that it has entered into an Energy Supply Agreement along with a Share Subscription and Shareholders Agreement to acquire a 26.20 per cent equity stake in Sunsure Solarpark Thirty Eight Private Ltd. The company is engaged in the generation and transmission of renewable energy.

The acquisition aims to meet the company’s green energy requirements, optimise energy costs and comply with regulatory requirements related to captive power consumption under electricity laws. The company clarified that the proposed acquisition does not fall under related party transactions and that the promoter or promoter group companies do not have any interest in the entity being acquired.

Sunsure Solarpark Thirty Eight Private Ltd operates in the renewable energy sector, specifically solar power generation and transmission. The company plans to set up a 21 MWp DC / 14 MW AC solar power project on a captive basis at Dhule. The project will include an integrated Battery Energy Storage System (BESS) that will operate alongside the solar facility.

The acquisition will be completed through cash consideration with an equity investment of up to Rs 6,72,00,000. UltraTech Cement Ltd will acquire a 26.20 per cent shareholding in the renewable energy special purpose vehicle (SPV).

The indicative time period for completing the acquisition is within 120 days from the execution of the Energy Supply Agreement and the Share Subscription and Shareholders Agreement. No governmental or regulatory approvals have been specified as required for the acquisition.

Sunsure Solarpark Thirty Eight Private Ltd was incorporated on November 27, 2024, and has its registered office at 1101A–1107, 11th Floor, BPTP Park Centra, Sector 30, Sadar Bazar, Gurugram, Haryana, India. As the entity was recently incorporated, its turnover for the financial year 2024–25 stands at Nil.

The company has a market cap of over Rs 3,53,320.33 crore. The stock price has surged over 66.51 per cent in the last 3 years.

Disclaimer: The article is for informational purposes only and not investment advice.