Cipla arm to acquire 26% stake in AMPIN Energy C&I Eighteen
Mumbai: Pharmaceutical giant Cipla Ltd. has announced that Jay Precision Pharmaceuticals Private Limited, a subsidiary of the Company, will acquire 26% stake on fully diluted basis in AMPIN Energy C&I Eighteen Private Limited.
"we hereby notify that Jay Precision Pharmaceuticals Private Limited, subsidiary of the Company has entered into Share Purchase, Subscription and Shareholder’s Agreement (“SPSSA”) to acquire 26% stake on a fully diluted basis in AMPIN Energy C&I Eighteen Private Limited, for setting up captive solar power project in Maharashtra," the company stated in a BSE filing.
"This in line with the commitment to enhance the share of renewable power source in its operation and to comply with regulatory requirement for being a ‘captive user’ under Indian electricity laws," Cipla added.
The transaction, valued at up to Rs 1,46,40,000, involves the purchase of 2,600 equity shares and subscription of 14,61,400 equity shares of face value Rs 10 each at par.
Subscription to equity shares is expected to be completed within 1 month from the date of the signing of the transaction documents, or by such other date as maybe mutually agreed between the parties. The entire consideration will be paid in cash.
AMPIN Energy C&I Eighteen Private Limited was incorporated on 5th April 2023 in India for engaging in business of generating, producing, accumulating, storing, improving, buying, selling, reselling, transmitting, distributing, and supplying electrical power generated using solar energy and other sources of renewable energy and developing infrastructure projects based on solar energy.
Established in 1935, Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in its home markets of India, South Africa, North America, and key regulated and emerging markets. It has strengths in the respiratory, anti-retroviral, urology, cardiology, anti-infective, and CNS segments. It has 47 manufacturing sites around the world which produces 50+ dosage forms and 1,500+ products using cutting-edge technology platforms to cater to its 80+ markets.
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