UltraTech Cement drops despite commissioning of 100-MW solar project in Rajasthan
Upstox
2 min read • Updated: April 5, 2024, 3:05 PM
Summary
Energy generated from the new unit will be available to UltraTech's units in other states like Himachal Pradesh, Gujarat, Odisha and Tamil Nadu.
Aditya Birla Group owned UltraTech Cement Limited has commissioned a 100 MW solar power project connected to the Interstate Transmission System (ISTS). Developed as part of the Group Captive scheme in Rajasthan, the project is UltraTech's first for sourcing power for its captive consumption from the interstate transmission network, the company said in an exchange filing on April 4.
Energy generated from the new unit will be available to UltraTech's units in various states like Himachal Pradesh, Gujarat, Odisha and Tamil Nadu. With the addition of this 100-MW unit, UltraTech's energy generation capacity has scaled up to 612 MW of renewable energy and 278 MW of WHRS, the company informed the stock exchanges.
The 100-MW unit in Rajasthan is in line with the cement manufacturer’s goal of achieving a green power mix of 85%by 2030.
After a gap down opening, shares of UltraTech Cement dropped to a low of ₹9,862 apiece on the NSE. However, the stock recovered some early losses and traded at ₹9,895.25 apiece, down 1.1%, on the NSE at 12:31 pm.
Earlier this week, UltraTech Cement commissioned two new green field capacities of 5.4 mtpa in Chhattisgarh and Tamil Nadu. The company now has a total capacity of 151.6 mtpa. In addition, UltraTech is presently working on an expansion of 35.5 mtpa in across 16 locations.
Commenting on the development, Aditya Birla Group chairperson, Kumar Mangalam Birla said, “Reaching this milestone is symbolic of India’s ascent on the global stage and demonstrates the dynamism and scale of Indian corporations. UltraTech, as a national champion, is an enabler of India’s development. With a mix of integrated cement plants, grinding units, bulk terminals across 59 locations in India along with 307 ready mix concrete plants, UltraTech’s scale and capacity footprint is unparalleled.”
UltraTech has added 50 mtpa to its production capacity in the last five years with a capital expenditure of ₹32,000 crore. The cement manufacturer has grown 11 times over the last two decades, surpassing the industry growth of 4 times.