UltraTech Cement to acquire over 26% stake in Sunsure Solarpark Thirty Eight

UltraTech Cement Ltd on Friday said that it 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 Private Limited, a company engaged in the generation and transmission of renewable energy. The cement maker will invest up to ₹6.72 crore as equity in the company. The investment is aimed at meeting the company’s green energy needs, optimising energy costs and complying with regulatory requirements for captive power consumption under electricity laws. The company clarified that the transaction does not qualify as a related party transaction and that the promoter or promoter group companies have no interest in the transaction. The acquisition is expected to be completed within 120 days from the execution of the Energy Supply Agreement and the Share Subscription and Shareholders Agreement. In a seperate development, the board of directors has approved the appointment of Jayant Dua as Managing Director (Designate) of the company with effect from April 1, 2026, based on the recommendation of the Nomination, Remuneration and Compensation Committee. He will be a Senior Management Personnel from the said date. Ultratech Cement had reported a consolidated net profit of ₹1,729.4 crore for Q3 FY26, up 27% from ₹1,363 crore in the same period last year, and above the CNBC-TV18 poll estimate of ₹1,540 crore. Revenue for the quarter rose 23% to ₹21,830 crore from ₹17,778.8 crore a year ago, while EBITDA grew 35.2% to ₹3,915 crore versus ₹2,895.2 crore in Q3 FY25. Shares of UltraTech Cement Ltd closed at ₹11,990.00 on the NSE on March 6, down ₹298.00 or 2.43%.