UltraTech Cement to buy 26% stake in Sunsure Solarpark Thirty Eight; key details

UltraTech Cement Ltd has entered into agreements to acquire a 26.20% equity stake in Sunsure Solarpark Thirty Eight Pvt Ltd as part of its efforts to meet green energy needs for its operations.

According to the exchange filing post-market hours on Friday, UltraTech Cement has entered into an energy supply agreement and a share subscription and shareholders agreement to acquire a 26.20% equity stake in Sunsure Solarpark Thirty Eight.

In an exchange filing, the cement major stated that this strategic acquisition is aimed at meeting its green energy needs, optimising energy costs, and ensuring compliance with regulatory requirements for captive power consumption under electricity laws.

The cash transaction involves an equity investment of up to Rs 6.72 crore. Sunsure Solarpark Thirty Eight, incorporated on November 27, 2024, operates as a special purpose vehicle, the filing noted.

It is tasked with setting up a 21 MWp DC/14 MW AC solar power project, complete with an integrated battery energy storage system, on a captive basis in Dhule, Maharashtra. UltraTech expects to finalise the acquisition within 120 days of executing the core agreements, according to exchange filing details.

In another exchange filing dated March 6, the UltraTech Cement board has approved the appointment of Jayant Dua as the managing director (designate), effective April 1, 2026. 

Following the completion of the current managing director K. C. Jhanwar’s tenure on December 31, 2026, Dua will assume charge as the company’s managing director and key managerial personnel. His four-year term is set to run from January 1, 2027, to December 31, 2030, subject to approval from the company’s shareholders, the filing said.

On Friday at close, UltraTech Cement shares declined 2.56% to Rs 11986.75 apiece on BSE, dipping from the previous close of Rs 12301.85 per share.