By Admin 
UltraTech Cement: UltraTech Cement Ltd has announced the purchase of 26.20 percent stake in Sunsure Solarpark Thirty Eight Pvt Ltd as part of its efforts to meet the green energy requirements of its operations.
According to exchange filing after market opening on Friday, UltraTech Cement has entered into an energy supply agreement and a share subscription and shareholders agreement to buy 26.20 per cent equity stake in Sunsure Solarpark Thirty Eight. This deal between the two companies has been done for Rs 6 crore 72 lakh. This payment will be made entirely in cash.
Why were Sunsure shares bought?
In an exchange filing, UltraTech said its objective is to meet its green energy needs, reduce energy costs and ensure compliance with regulatory requirements for captive power consumption under electricity laws. Actually, the company requires a lot of electricity to run its cement factories. In such a situation, using cheap and clean electricity generated from sunlight or solar energy instead of electricity generated from coal is a profitable deal. This will not only reduce the electricity bill but will also reduce pollution.
Where will the investment happen?
Sunsure is a company related to renewable energy, which generates electricity from solar winds or hybrid plants for big factories. To deliver this electricity directly to the factories, the company enters into agreements with companies like UltraTech. Under this new deal with UltraTech, the company has been entrusted with the work of developing a solar energy project in Dhule, Maharashtra, whose capacity is 21 MWp DC/14 MW AC. According to exchange filing details, UltraTech expects to close the acquisition within 120 days of completing the core agreements.
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