Orient Cement Limited approves additional investment of Rs. 11.49 lakhs in AMPSolar.

The Board of Directors of Orient Cement Limited in its meeting held on January 31, 2022, has approved an additional investment of Rs. 11.49 lakhs through a combination of equity shares and compulsory convertible debentures thereby increasing the total cost of acquisition from Rs. 4.05 crores to Rs. 4.16 crores approximately and delegated necessary authority for entering into Share Purchase, Subscription and Shareholder's (Amendment) Agreement with AMPSolar Technology Private Limited and AMPSolar Systems Private Limited for retention of 26% stake in the share capital of AMPSolar Systems Private Limited.

The said increase in the cost of project is on account of increase in the statutory levies. Further, the project work is now completed and generation of power has commenced.

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