Sagar Cements Limited has informed that the board of directors of the company at its meeting approved the acquisition of the entire assets of the two mini hydel power plants, one with a capacity of 4.3 MW located at Guntur Branch Canal (GBC), Narasaraopet, Guntur District and the other with a capacity of 4 MW located at Lock-in-sula (LIS), Atmakur, Kurnool, in the State of Andhra Pradesh, both belonging to Sagar Power Limited, a related party, for a sum not more than Rs.26.90 crores. The above approval is subject to the regulatory approvals as may be required to be obtained by Sagar Power Limited for the sale of its above-said units.

This proposed acquisition by Sagar Cements Limited 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 the regulatory requirement relating to Company's obligation to meet a part of its overall power demand through renewal energy sources.