UltraTech Cement to acquire 26% equity shares of O2 Renewable Energy
This will help the Aditya Birla Group firm meet green energy needs, optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws.
![UltraTech Cement to acquire 26% equity shares of O2 Renewable Energy](https://cdn.zeebiz.com/sites/default/files/2024/03/27/285668-r6k7nif7ybi4tlmanyphjc4vae.jpg?im=FitAndFill=(1200,900))
UltraTech Cement on Wednesday said it will acquire 26 per cent equity of O2 Renewable Energy, a company engaged in the generation and transmission of renewable energy.
This will help the Aditya Birla Group firm meet green energy needs, optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws.
The cement maker company has entered into an energy supply agreement and share subscription and shareholders agreement with O2 Renewable Energy.
"The acquisition is for the purposes of meeting the company's green energy needs, optimising energy cost and complying with regulatory requirements related to captive power consumption under electricity laws," UltraTech said in a regulatory filing.
On the equity investment, the company said it would be a cash consideration of up to Rs 15.68 crore and expects to complete it within 180 days from the signing of the agreement.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
08:32 PM IST