The India Cements has entered into Energy Supply Agreement and Share Subscription and Shareholders Agreement to acquire 12.48% equity shares of FPEL Services, 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 acquisition, valued at Rs 10.78 crore, is expected to be completed within 180 days from the execution of Energy Supply Agreement and Share Subscription and Shareholders Agreement.
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.
