UltraTech Cement’s Solar Success in Rajasthan
- April 15, 2024
- By: Yukti Kasera
- NEWS
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The top cement producer in India, UltraTech Cement, is proud to announce that its 100-megawatt solar energy project in Rajasthan has been completed successfully. This enormous accomplishment is a big step toward the company's goal of integrating renewable energy sources and sustainability into its operations.
The project will produce power and supply it to UltraTech establishments in various states, including Tamil Nadu, Gujarat, Himachal Pradesh, Rajasthan, and Odisha. According to a source, this was the first solar energy project to source power for internal use from the interstate grid.
The recently finished solar project highlights UltraTech's commitment to lowering its carbon footprint and embracing clean energy alternatives. Rajasthan is one of India's best places to harness solar energy. UltraTech has invested millions to build cutting-edge solar panels that cover large areas, utilizing the abundant sunlight to power its cement manufacturing processes.
UltraTech hopes to lessen its dependency on conventional sources of energy by utilizing solar energy, which will cut greenhouse gas emissions and help India meet its renewable energy targets. With the ability to offset millions of tonnes of carbon dioxide emissions annually, the 100 megawatt solar plant is set to have a major impact.
The Company now has a capacity of 612 MW of renewable power and 278 MW of WHRS. This solar energy project in India is a component of UltraTech's stated commitment to raise the percentage of green power in the mix to 85% by 2030. UltraTech is still focused on expediting the transition of its operations towards green energy.
The scheme was previously sanctioned by the Mumbai-based NCLT through an order dated December 18, 2023. The appointed date of the scheme is April 1, 2023.
UltraTech Cement increased its capacity to 151.6 MTPA by commissioning two new grey cement manufacturing units earlier on Tuesday, April 2. Over the next three years, the Aditya Birla Group company, which is in the midst of an expansion drive, plans to invest ₹32,400 crore in continuing capital expenditures.
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Global brokerage Morgan Stanley has high expectations for UltraTech Cement. It keeps the stock at a 'overweight' rating, with a ₹12,000 counter price target.
With China getting excluded, UltraTech is the third-biggest cement manufacturer worldwide. Ambuja Cements, a company under the Adani Group, comes in second with an installed capacity of 77.4 MTPA.
The UltraTech Cement share price settled flat in the green at ₹10,001.10 apiece on the BSE. The scrip opened at the day's high price of ₹10,109.20, while the day's low came in at ₹9,905. UltraTech Cement has provided a negative return of 4% thus far this year, whereas the scrip has yielded a return of over 30% after a year.
In addition to being a shining example of UltraTech's dedication to environmental responsibility, the Rajasthan solar project also acts as a source of inspiration for other sectors looking to implement greener and renewable energy strategies. In India's ongoing transition to a more environmentally conscious future, UltraTech is leading the way.
To sum up, the accomplishment of the 100-megawatt solar energy project in Rajasthan by UltraTech Cement is a testament to the company's commitment to sustainability, innovation, and corporate responsibility. As the business keeps leading the way in projects that combine innovation and environmental awareness with financial success.
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