Orient Cement enters agreement to acquire stake in Ardeur Renewables

India-based Orient Cement has entered into a share subscription and shareholders’ agreement with Ardeur Renewables and Cleantech Solar India on 21 July 2023 for the acquisition of a 28.52 per cent stake in Ardeur Renewables’ share capital. It will build two solar power plants with a capacity of 16MWdc in Karnataka and 5.5MWdc in Maharashtra under the Captive Scheme.

With the INR95m acquisition, Orient Cement expects to meet its green energy requirement, optimise its energy cost and comply with the regulatory requirement for captive power consumption.