Sagar Cements rises 2% on acquisition of hydel power plants

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The board at its meeting held on February 26 accorded its approval for the allocation of the entire assets of the two mini hydel power plants.

The share price of Sagar Cements rose 2 percent intraday Tuesday as company approved the acquisition of two hydel power plants.

The board at its meeting held on February 26 accorded its approval for the allocation of the entire assets of the two mini hydel power plants.


MCX Service

It includes one plant with a capacity of 4.3 MW located at Guntur Branch Canal, Narasaraopet, Guntur District and the other with a capacity of 4 MW located at Lock-insula, Atmakur, Kurnool in the state of Andhra Pradesh both belonging to Sagar Power, a related party, for a sum not more than Rs 26.90 crore.


The above approval is subject to the regulatory approvals as may be required to be obtained by Sagar Power for the sale of its above-said units.

This proposed acquisition by Sagar Cements will help in its efforts to meet its power requirements from renewable source at the lowest possible cost, through an optimum combination of various sources of energy particularly in the context of on-going expansion at its Bayyavaram grinding unit and in complying with regulatory requirement relating to company's obligation to meet a part of its overall power demand through renewable energy sources.


At 10:35 hrs Sagar Cements was quoting at Rs 988.10, up Rs 15.20, or 1.56 percent on the BSE.

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