UltraTech cement to acquire 26% Stake in Ampin Unit for captive renewable power

India-based UltraTech Cement has announced it will acquire a 26% equity stake in AMPIN C&I Power Eight Private Limited, part of Amp Energy India for INR 25.5 crore. The acquisition is being carried out through an Energy Supply Agreement and a Share Subscription and Shareholders Agreement. AMPIN C&I Power Eight is involved in the generation and transmission of renewable energy. The transaction aims to support UltraTech in sourcing electricity through captive renewable energy, managing power costs, and complying with electricity regulations. Captive power use requires a minimum ownership threshold under Indian laws, which this stake acquisition fulfills. The announcement was made via a stock exchange filing. UltraTech also disclosed plans to acquire Wonder WallCare, a wall putty manufacturer, for up to INR 235 crore. The ultratech cement continues to expand its cement production capacity and has outlined plans to add 26.5 million tonnes per annum (MTPA) over the next two financial years.