UltraTech Cement has entered into a Share Subscription and Shareholders Agreement to acquire a 26% equity stake in Clean Max Terra Private Limited, a renewable energy company specializing in generation and transmission. This strategic move aligns with UltraTech’s focus on sustainability and reducing energy costs.
As part of this partnership, UltraTech will also acquire a 26% stake in CleanMax Sapphire, a special-purpose vehicle (SPV) established to meet its renewable energy demands. The Rs 457.6 million deal will fund the development of a 55 MW wind-solar hybrid project in Honawad, located in Karnataka’s Vijayapur district. The energy produced from this project will directly supply UltraTech’s operations, helping the company meet its green energy goals while adhering to evolving captive power consumption regulations.
UltraTech Cement expects to finalize the transaction within 180 days, according to a regulatory filing. This initiative is anticipated to deliver significant long-term energy savings while bolstering UltraTech’s environmental credentials.
The investment reflects the company’s broader commitment to sustainability and regulatory compliance under India’s electricity laws. Additionally, UltraTech continues to decarbonize its operations. In November 2024, the company signed agreements to deploy 100 electric trucks for clinker transportation between Madhya Pradesh and Maharashtra, marking a major step towards a greener supply chain.
With these measures, UltraTech Cement is poised to strengthen its green energy footprint and optimize energy costs, further advancing its leadership in sustainable industrial practices.
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