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.