Orient Cement, a CK Birla Group firm and one of the fastest growing and leading cement manufacturers in India, said it would acquire 26 per cent stake in AMPSolar Systems for Rs 4.5 crore. AMPSolar Systems was incorporated on May 17, 2020 and is a step-down subsidiary of AMP Energy India Pvt Ltd.
AMPSolar Systems has been formed for the purpose of setting up a solar power project in Maharashtra, in terms of the regulatory requirement for captive power consumption under electricity laws, Orient Cement said in a regulatory filing.
“The Company has entered into Share Purchase, Subscription and Shareholder’s Agreement with AMPSolar Technology and AMPSolar Systems on December 3, 2020 for acquisition of 26 per cent stake in the share capital of AMPSolar Systems for putting up the solar power plant with capacity of 13.5 MW, under Captive Scheme,” it said.
AMP Energy is engaged in the business of developing, owning and operating renewable energy infrastructure for supplying electricity to commercial, industrial and utility customers.
Established in 1979, Orient Cement began cement production in the year 1982 at Devapur in Adilabad District, Telangana. In 1997, a split-grinding unit was added at Nashirabad in Jalgaon, Maharashtra. In 2015, Orient Cement started commercial production at its integrated cement plant located at Chittapur, Gulbarga, Karnataka.
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