UltraTech Cement has announced its strategic acquisition of a 26% equity stake in AMPIN C&I Power Forty Four Private Limited, a renewable energy company focused on solar power generation. The acquisition, valued at up to Rs. 15.12 crore, represents the cement major's commitment to sustainable energy solutions and regulatory compliance.

Acquisition Details

The company has entered into an Energy Supply Agreement and Share Subscription and Shareholders Agreement to acquire the minority stake in the renewable energy firm. The transaction structure and key parameters are outlined below:

Target Company Profile

AMPIN C&I Power Forty Four Private Limited operates as a special purpose vehicle for renewable energy development. The company's business profile includes:

Strategic Rationale

The acquisition aligns with UltraTech Cement's sustainability objectives and operational requirements. The company has identified three primary purposes for this investment:

• Green Energy Requirements: Meeting the company's renewable energy needs as part of its environmental commitments
• Cost Optimization: Optimizing energy costs through captive solar power generation
• Regulatory Compliance: Ensuring adherence to regulatory requirements for captive power consumption under electricity laws

Transaction Structure

The acquisition involves a straightforward equity investment structure with cash consideration. The company has confirmed that no governmental or regulatory approvals are required for completing this transaction. The deal does not involve any promoter or promoter group interest, maintaining arm's length transaction principles.

The solar power project being developed by the target company will operate on a captive basis, directly supporting UltraTech Cement's energy requirements while contributing to its renewable energy portfolio. This strategic move reflects the cement industry's broader shift toward sustainable energy sources and cost-effective power solutions.

UltraTech Cement Limited has received an affirmation of its credit ratings from Fitch Ratings, maintaining its financial standing in the investment-grade category. The rating agency confirmed the company's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB-' with a stable outlook.

Rating Details and Scope

The rating affirmation encompasses multiple financial instruments and maintains consistency across UltraTech Cement's debt portfolio. The comprehensive review covered both the company's issuer ratings and specific bond instruments.

The USD 400 million 2.80% senior unsecured notes due 2031 also received the 'BBB-' rating affirmation, ensuring alignment across the company's international debt instruments.

Regulatory Compliance and Disclosure

The rating affirmation was formally communicated to Indian stock exchanges on February 7th, 2026, in adherence to regulatory requirements. Company Secretary and Compliance Officer Dhiraj Kapoor signed the disclosure document, ensuring compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rating Methodology Update

Fitch Ratings conducted this affirmation following an update of its Corporate Rating Criteria, indicating a comprehensive review of the rating methodology. The stable outlook suggests that Fitch expects UltraTech Cement to maintain its current credit profile over the rating horizon.

The 'BBB-' rating places UltraTech Cement in the investment-grade category, representing adequate capacity to meet financial commitments. The stable outlook indicates that rating changes are not anticipated in the near term, reflecting confidence in the company's financial stability and operational performance.