Biocon acquires 26% of the capital of AMPYR Renewable Energy Resources Eleven



Biocon Ltd announced on Wednesday that it will acquire a 26% stake in AMPYR Renewable Energy Resources Eleven Pvt Ltd (AREREPL) for Rs 7.5 crore.

AREREPL was incorporated on April 13, 2021. It is a special purpose vehicle formed for the production and supply of solar energy. It will develop a 30 MWac solar power plant in the village of Benkanhal in Karnataka, Biocon said in a regulatory filing.

The company has reached an agreement with the aim “to acquire solar energy by taking a stake of up to 26% in AREREPL”, he said.

The cost of acquiring a stake of up to 26% on a fully diluted basis in one or more tranches will be Rs 7.5 crore.

To improve renewable energy consumption, Biocon will acquire and retain a 26% stake in AREREPL for the duration of the power purchase agreement to maintain its captive status under the Electricity Act, to the share purchase/subscription agreement and the shareholders’ agreement, he added.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Comments are closed.