Ambuja Cements to invest Rs 60 bn in Green Power Projects

20 Dec 2023 CW Team

Ambuja Cements, a company under the Adani Group, has announced plans to invest Rs 60 billion in renewable power projects, according to an exchange filing on December 18. The diversified Adani Group's cement and building material subsidiary will internally finance the investment, without providing further details on the funding process.

The company aims to achieve a capacity of 1,000 megawatts (MW) through solar and wind power projects in Gujarat and Rajasthan. The project lineup includes a 600 MW Solar Power project and a 150 MW Wind Power project in Gujarat, along with a 250 MW Solar Power project in Rajasthan.

Ambuja Cements has set a target to reach the specified capacity from solar and wind power projects by fiscal 2026, contributing to its existing capacity of 84 MW. Upon completion, these projects will increase the company's total green capacity from 19% to 60%.

The adoption of green power is expected to significantly reduce the company's power costs, decreasing from Rs 6.46 per kWh to Rs 5.16 per kWh. This 20% reduction, equivalent to Rs 1.30 per kWh, is projected to translate into a savings of Rs 90 per metric ton of cement by fiscal year 2028, as per the statement.

It is worth noting that in early December, Ambuja Cements acquired a majority stake in Sanghi Industries for Rs 51.85 billion.

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