UltraTech Cement Ltd enters into agreement to acquire 26% in O2 Renewable ENergy XXII Pvt Ltd

UltraTech Cement Limited has entered into (i) Energy Supply Agreement and (ii) Share Subscription and Shareholders Agreement to acquire 26% equity shares of M/s O2 Renewable Energy XXII Private Limited, a company engaged in generation and transmission of renewable energy. The acquisition is for the purposes of meeting the Company's green energy needs, optimising energy cost and complying with regulatory requirements related to captive power consumption under electricity laws.

O2 Renewable Energy XXII Private Limited is a company having registered office at 208, Square One Mall, 2nd Floor District Centre, Saket (South Delhi), New Delhi -110017 and is a special purpose vehicle ("SPV") for setting up 35.20 MW AC / 47.52 MW DC solar power project, on a captive basis, at Village Rampura and Jagatagere, Taluka Kotturu, District Vijaynagara, in state of Karnataka.

Shares of UltraTech Cement Limited was last trading in BSE at Rs. 9625.35 as compared to the previous close of Rs. 9600.35. The total number of shares traded during the day was 2268 in over 493 trades.

The stock hit an intraday high of Rs. 9710.80 and intraday low of 9578.80. The net turnover during the day was Rs. 21891651.00.

Source : Equity Bulls

Keywords

UltraTechCement INE481G01011 EnergySupplyAgreement SSA O2RenewableEnergyXXII