Ambuja Cements to buy 26% of SWE Renewables for about Rs 33.75 crore

Ambuja Cements Limited said in a filing with the National Stock Exchange that its board approved, at a meeting on 29 October 2026, the acquisition of 26% of the equity shares of SWE Renewables Limited. The cost of acquisition is approximately Rs 33.75 crore, payable in cash. The company says the purchase will let it obtain wind power through a captive structure.

What Happened

The board approved the acquisition at its meeting on 29 October 2026, which ran from 11:00 a.m. to 2:20 p.m. The company disclosed the details in an annexure to its filing under the SEBI listing regulations.

According to the filing, the company proposes to buy equity shares and other instruments totalling 26% or more of the share capital of SWE Renewables Limited. The consideration is cash, under a Share Subscription and Shareholders Agreement. The cost is approximately Rs 33.75 crore.

The filing describes SWE Renewables Limited as a company incorporated on 30 June 2016 that sets up independent power projects. It gives the company's turnover as nil in each of the last three financial years, 2023-24, 2024-25 and 2025-26. Its profit after tax was Rs 0.11 crore in 2025-26, Rs 0.04 crore in 2024-25 and nil in 2023-24, and its net worth was Rs 24.14 crore in 2025-26.

Ambuja Cements states the purpose in the filing: to reduce its electricity cost and raise the share of renewable energy in its energy mix by buying wind power through a captive structure. It says the stake will allow it to meet the captive-user requirements, including a minimum 26% equity holding and a 51% consumption criterion.

The company says the target is not a related party, no government or regulatory approval is required, and it expects to buy the shares in one or more tranches within 15 months, subject to agreed extensions.

What It Means

The filing describes a small, power-sourcing investment rather than an expansion of Ambuja Cements' cement business. The company says it expects the deal to reduce dependence on grid power and give longer-term visibility on power costs.

The filing gives no financial effect on the company's results beyond the cost of acquisition. The full disclosure is in the company's filing on the National Stock Exchange website.

Source: Company filing on NSE