Cipla to acquire 32.49 percent stake in solar power firm AMP Energy Green Eleven
New Delhi: Drug major Cipla has recently announced that the company has signed a pact to acquire 32.49 per cent stake in AMP Energy Green Eleven to set up a captive solar power project in Maharashtra.
The company has entered into a shareholder's agreement along with the power purchase agreement to acquire up to 32.49 per cent stake on a fully diluted basis in AMP Energy Green Eleven, the Mumbai-based company said in a regulatory filing.
Post-acquisition, AMP Energy Green Eleven Private Limited, will become an associate of Cipla Limited. Subscription to equity shares and compulsorily convertible debentures shall be completed within 2 months from the date of the signing of the transaction documents, or such other date to be mutually agreed between the parties.
Cost of acquisition of 32.49% stake is up to Rs. 7,50,00,000/- (Rupees Seven Crore Fifty Lakhsonly) on a fully diluted basis.
The acquisition is in line with the commitment to enhance the share of renewable power sources in its operation and to comply with regulatory requirements for being a captive user under Indian electricity laws, Cipla was quoted as saying by PTI.
Cipla Limited is an Indian multinational pharmaceutical and biotechnology company, headquartered in Mumbai, India. The Company was founded by Khwaja Abdul Hamied in 1935 in Mumbai.
Cipla primarily develops medicines to treat respiratory, cardiovascular disease, arthritis, diabetes, weight control, depression, and other medical conditions.
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