UltraTech Cement Limited said on Wednesday, March 18, it has entered into an energy supply agreement and a share subscription and shareholders agreement to acquire a 26.18% equity stake in Sunsure Solarpark Seven Private Limited.
The target company is engaged in the generation and transmission of renewable energy.
The cement manufacturer, in an exchange filing, said the acquisition is aimed at meeting its (UltraTech) green energy requirements, optimising energy costs and complying with regulatory requirements for captive power consumption under electricity laws.
The company will invest up to ₹19.2 crore in the transaction, which will be undertaken through cash consideration.
The acquisition is expected to be completed within 180 days from the execution of the agreements.
Earlier, on March 6, the firm had informed that it has entered into an energy supply agreement and a share subscription and shareholders agreement to acquire a 26.20% equity stake in Sunsure Solarpark Thirty Eight Private Limited, a company engaged in the generation and transmission of renewable energy.
Q3 results
The cement manufacturer had reported a consolidated net profit of ₹1,729.4 crore for Q3FY26, up 27% from ₹1,363 crore in the same period last year, surpassing the CNBC-TV18 poll estimate of ₹1,540 crore.
Its revenue for the quarter rose 23% to ₹21,830 crore from ₹17,778.8 crore a year ago, while EBITDA grew 35.2% to ₹3,915 crore versus ₹2,895.2 crore in Q3FY25, exceeding the CNBC-TV18 estimate of ₹3,532 crore.
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EBITDA margin improved to 17.94% from 16.28% year-on-year, compared with the CNBC-TV18 poll margin of 16.63%.
UltraTech Cement Ltd shares closed at ₹11,225, up ₹109 or 0.98%, on March 18 at the NSE.
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