Jubilant Ingrevia, has signed an agreement with AMP Energy C&I Private Limited, to acquire a 26.6% stake in AMP Green Energy Fifteen Private Limited to set up a 15.5 MW solar project in Maharashtra for captive power generation.
Jubilant Ingrevia is a global integrated life science products and innovative solutions provider company.
AMP Energy Green Fifteen (AMP) is a wholly owned subsidiary of AMP Energy C&I and a step-down subsidiary of AMP Energy India (AMP Energy).
The acquisition involves subscription in the share capital through a combination of equity shares and subscription of compulsory convertible debentures for cash consideration of approximately Rs 5.11 crore.
The acquisition is expected to be completed within six months.
The acquisition will help the company to meet the green energy needs and optimize energy cost and to comply with the regulatory requirement for captive power consumption under the electricity laws.
AMP Energy has a project portfolio of over 950 MW across 15 states and has been selling green power to more than 45 leading corporates and government institutions.