UltraTech Cement acquires 26% stake in Clean Max Terra

UltraTech Cement has entered into a share subscription and shareholders agreement to acquire 26 percent equity shares of renewable energy company Clean Max Terra. The equity investment is up to INR202.5m (US$2.44m).

Clean Max Terra, based in Mumbai, India, is a special purpose vehicle to set up 50MW AC/75MW DC solar power project on a captive basis in Saraipali Village, Mahasamund district, Chhattisgarh.

The mostepve is part of UltraTech Cement’s strategy to meet its green power target of 85 per cent, optimise energy costs and ensure compliance with regulatory standards for captive power consumption under electricity legislation.