Ultratech Cement To Acquire 26% Stake In Solaris Horizon For 65 MW Captive Solar Power

UltraTech Cement Limited has announced plans to acquire a 26 percent equity stake in Solaris Horizon Energy Private Limited as part of its strategy to expand the use of renewable energy and reduce power costs at its manufacturing facilities. The company made the disclosure on August 12, 2026, following the signing of an Energy Supply Agreement and a Share Subscription and Shareholders Agreement.

Solaris Horizon Energy is engaged in the generation and transmission of renewable solar power and operates as a subsidiary of Waaree Forever Energies Private Limited. The company was incorporated on December 10, 2025, as a special purpose vehicle (SPV) in Mumbai. As a newly incorporated entity, it has reported nil turnover during the past three years.

Under the agreement, Solaris Horizon Energy will supply 91 MWp DC, equivalent to 65 MW AC, of solar power to UltraTech Cement on a captive basis. The renewable electricity will be generated from a dedicated solar project located at Village Puran in Mungeli district of Chhattisgarh. The power will be supplied to UltraTech Cement’s manufacturing plants in the state.

The acquisition is aimed at meeting the cement manufacturer’s increasing demand for renewable electricity, lowering operating energy costs and complying with regulatory requirements related to captive power consumption under Indian electricity laws.

UltraTech Cement will invest up to Rs. 27.75 crore to acquire the 26 percent equity stake in Solaris Horizon Energy. The investment will be made entirely through cash consideration. The company stated that the transaction does not constitute a related party transaction. It also confirmed that neither its promoter group nor any associated group company has an interest in Solaris Horizon Energy.

The transaction has been disclosed under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The disclosure was signed by Dhiraj Kapoor, Company Secretary and Compliance Officer of UltraTech Cement.

The acquisition is expected to be completed within 180 days from the signing of the agreements, subject to customary conditions and any regulatory approvals required under applicable electricity regulations. The move strengthens UltraTech Cement’s efforts to increase renewable power consumption while supporting its broader focus on energy efficiency and sustainability.