Orient Cement on Thursday (3 December 2020) said it will acquire 26% stake in AMPSolar Systems for Rs 4.5 crore.
Orient Cement said it entered into share purchase, subscription and shareholder's agreement with AMPSolar Technology and AMPSolar Systems on 3 December 2020 for acquisition of 26% stake in the share capital of AMPSolar Systems for putting up the solar power plant with capacity of 13.5 MW, under captive scheme. The acquisition is expected to be completed by 6 months.AMPSolar Systems was incorporated on 17 May 2020 and is a step-down subsidiary of AMP Energy India. It has been formed for the purpose of setting up a solar power project in Maharashtra, in terms of the regulatory requirement for captive power consumption under electricity laws, Orient Cement said in a regulatory filing.
Shares of Orient Cement rose 0.26% to Rs 78.05 on BSE.
On a standalone basis, Orient Cement reported a net profit of Rs 34.82 crore in Q2 September 2020 as compared to a net loss of Rs 7.70 crore in Q2 September 2019. Net sales slipped 7.3% to Rs 477.50 crore in Q2 September 2020 over Q2 September 2019.
Orient Cement is engaged in the manufacturing and sales of cement. The firm's product mix includes ordinary Portland cement (OPC) and Pozzolana Portland cement (PPC), which are sold under the brand name of Birla A1.
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