The India Cements has entered into Captive Power Agreement and Share Subscription and Shareholders Agreement to acquire 10.76% equity shares of First Energy 8, 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 comply with regulatory requirements for captive power consumption under electricity laws.
The said acquisition is expected to be completed within 180 days from the execution of Captive Power Agreement and Share Subscription and Shareholders Agreement. Cost of acquisition is around Rs 18.77 crore.
The India Cements is engaged in the manufacture of products that will enable the customer to build structures which are durable, cost effective and conducive for human life style.
