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Drug major Cipla said it 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.
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, it added.
Post acquisition, AMP Energy Green Eleven Pvt Ltd, will become an associate of Cipla Ltd.
AMP Energy Green Eleven was incorporated on November 21, 2020, and is engaged in the business of generating and supplying electrical power generated using solar energy.