Amplus Sunshine will set up a 15MW captive solar plant at one of UltraTech’s Cement’s plants for an investment of around US$10m.
UltraTech Cement has created a joint venture with renewable energy company Amplus Energy to expand its solar power generation capacity.
The cement producer has acquired a 26 per cent stake in the Amplus Sunshine, according to VCCircle Network.
Amplus Sunshine will set up a 15MW captive solar plant at one of UltraTech’s Cement’s plants for an investment of around US$10m.
The cement producer currently has a solar capacity of 50MW, and it plans to increase it with this new collaboration. Amplus Energy installs rooftop solar power plants for the industrial and commercial sector.
Last year, UltraTech Cement announced joining EP100, a global leadership initiative bringing together a growing group of energy-smart companies.
By becoming a member of EP100, UltraTech has pledged to double its energy productivity. It has invested in energy efficiency technologies like cooler upgradation, calciner modification, voltage variable frequency drive (VVFD) installation and burner modification across its manufacturing plants to improve energy productivity.
Net profit declined last month
In January this year, UltraTech Cement posted a 13.7 per cent drop in net profit, dented by higher expenses.
Net profit declined to 3.94 billion rupees ($55.30 million) for the quarter ended Dec. 31, 2018, from 4.56 billion rupees a year earlier, the company said.
Meanwhile, revenue from operations surged 18.9 per cent to 93.90 billion rupees and domestic sales volume jumped 15 per cent.
