UltraTech to acquire 26 percent of O2 Renewable Energy

UltraTech Cement has finalised agreements with O2 Renewable Energy, including an energy supply agreement and share subscription and shareholders agreement.

The company has confirmed its intention to acquire a 26 percent equity stake in O2 Renewable Energy, a company specialising in renewable energy generation and transmission.

This strategic move is aimed at enabling the Aditya Birla Group entity to fulfill its green energy requirements, effectively manage energy expenditures, and adhere to regulatory guidelines regarding captive power usage as mandated by electricity laws. Through these agreements, UltraTech Cement underscores its commitment to sustainable energy practices and regulatory compliance.

In a regulatory filing, UltraTech Cement emphasised that the acquisition serves the essential objectives of addressing its green energy needs, optimising energy costs, and ensuring conformity with relevant electricity laws pertaining to captive power consumption.