UltraTech Cement acquires 26% stake in O2 Renewable Energy for green energy needs and regulatory compliance.

UltraTech Cement, part of the Aditya Birla Group, plans to acquire a 26% stake in O2 Renewable Energy, a company involved in renewable energy generation and transmission, for approximately INR160m. This move is aimed at meeting UltraTech's green energy needs, optimizing energy costs, and complying with regulatory requirements for captive power consumption under electricity laws. O2 Renewable Energy is currently building a solar power plant in Karnataka, India, with a capacity of 35-48MW.

March 28, 2024
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