03 , August , 2023
In a recent development, Ultratech Cement has entered into share subscription and shareholders agreement and energy offtake agreement with VEH Radiant Energy (VEH Radiant) for the purposes of acquiring 26% equity shares of VEH Radiant for Rs 15.10 crore, the company informed in a BSE filing.
VEH Radiant will be engaged in generation and transmission of renewable energy. The acquisition is being done to meet green energy needs; optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws.
Moreover, in a separate regulatory filing, the company also announced the commissioning of 1.2 mtpa brownfield cement capacity at Magdalla, Gujarat, taking the unit's capacity to 1.93 mtpa. The company’s total grey cement manufacturing capacity in India now stands at 132.45 mtpa.