Drugmaker Cipla invests in Indian solar energy

February 4 (Renewables Now) – Indian drugmaker Cipla Ltd (BOM:500087) will purchase a stake of as much as 32.49% on a totally diluted foundation in a subsidiary of AMP Power C&I Pvt Ltd that was created for the aim of constructing a captive solar energy plant in Maharashtra.

Cipla stated in a bourse submitting that it signed not solely a share subscription and shareholder’s settlement but in addition an influence buy settlement (PPA). Beneath the phrases of the deal, it would purchase the stake in AMP Power Inexperienced Eleven Pvt Ltd in alternate for a money cost of as much as INR 75 million (USD 1m/EUR 877,000).

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No particulars got in relation to the PPA.

The pharmaceutical firm identified that with this stake purchase it seeks to extend the share of renewable energy in its operation and to adjust to the regulatory requirement for being a “captive consumer” underneath Indian electrical energy legal guidelines.

(INR 10 = USD 0.134/EUR 0.117)


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