India's Ambuja Cements to invest $723 million for green power production
BENGALURU (Reuters) -Indian construction materials maker Ambuja Cements will invest 60 billion rupees (nearly $723 million) in renewable power projects, the company said on Monday.
The investment will be funded internally and is expected to target a capacity of 1,000 megawatts (MW) through solar and wind power projects in Gujarat and Rajasthan, it said in an exchange filing, without providing details on the funding process.
The Adani Group-owned company added that the capacity from solar power and wind power projects will be achieved by fiscal 2026, and add to its existing capacity of 84 MW.
These projects will increase the company's total green power capacity to 60% from the existing 19%, it said.
Earlier this month, Ambuja Cements acquired a majority stake in Sanghi Industries for 51.85 billion rupees.
Last month, bigger rival UltraTech Cement said it will acquire the cement business of Kesoram Industries in an all-stock deal valued at 53.79 billion rupees.
($1 = 83.0070 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)
