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Clean Max Terra is engaged in generation and transmission of renewable energy and is a special purpose vehicle (SPV) for setting up 50 MW AC / 75 MW DC solar power project, on a captive basis, at Saraipali Village, Mahasamund District, in state of Chhattisgarh.
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 company will acquire 26% stake for total consideration of Rs 20.25 crore. The acquisition will be completed within 60 days from the execution of energy supply agreement and share subscription and shareholders agreement.
UltraTech Cement is the cement flagship company of the Aditya Birla Group. It is the third largest cement producer in the world, outside of China, with a consolidated Grey Cement capacity of 137.85 mtpa.
The cement major's consolidated net profit jumped 69.56% to Rs 1,281.45 crore on 15.26% rise in revenue from operations to Rs 16,012.13 crore in Q2 FY24 over Q2 FY23. Net sales grew 15.73% year on year (YoY) to Rs 15,735 crore in the quarter ended 30 September 2023.
The scrip shed 0.3% to Rs 9,875.85 on the BSE.
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