UltraTech Cement has entered into energy supply agreement and share subscription and shareholders agreement to acquire 13.99% 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 cost of the said acquisition is Rs 12.08 crore. The acquisition is to be completed within 180 days from the execution of energy supply agreement and share subscription and shareholders agreement.
UltraTech Cement is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India.
