Syngene International, an integrated research, development, and manufacturing services company, announced Tuesday that it would acquire up to 26 percent of Ampyr Renewable Energy Resources Eleven’s equity stake. This special purpose vehicle was created by Ampyr India Asset Holdings.
Syngene will pay around Rs 3.2 Crore for the transaction. Syngene will generate and sell solar power through the acquisition.
To maintain its captive status per the Electricity Act, Share Purchase/Subscription Agreement, and Shareholders Agreement, the company will keep a 26 percent interest in Ampyr Renewable Energy Resources Eleven.
Ampyr Renewable Energy Resources Eleven, was established on April 13, 2021. Its business is power generation from renewable power stations. The company will build a 50 MWac sun power plant in Benkanhal Village Kanakagiri Taluk of Karnataka.