Sagar Cements has received an approval for acquisition of the entire assets of the two mini hydel power plants, one with a capacity of 4.3 MW located at Guntur Branch Canal (GBC), Narasaraopet, Guntur District and the other with a capacity of 4 MW located at Lock-in-sula (LIS), Atmakur, Kurnool, in the state of Andhra Pradesh, both belonging to Sagar Power, a related party, for a sum not more than Rs 26.90 crore. The board of directors at its meeting held on February 26, 20198 has approved for the same. The above approval is subject to the regulatory approvals as may be required to be obtained by Sagar Power for the sale of its above said units.
This proposed acquisition by the company will help in its efforts to meet its power requirements from renewable source at the lowest possible cost, through an optimum combination of various sources of energy particularly in the context of on-going expansion at its Bayyavaram grinding unit and in complying with the regulatory requirement relating to company’s obligation to meet a part of its overall power demand through renewal energy sources.
Sagar Cements is a prominent player in the field of cement in Andhra Pradesh for over 3 decades adopting progressive manufacturing practices, whether it relates to maintaining high standards of quality of its products or development of its highly valued human resources or the need to keep the pollution to the barest minimum.