Biotechnology firm Biocon on June 29 said it has acquired up to 26 percent stake in AMPYR Renewable Energy Resources Eleven Private Ltd for Rs 7.5 crore.
"We wish to inform you that the company has entered into an agreement for the purpose of acquisition of solar power by acquiring equity stake up to 26% in AMPYR Renewable Energy Resources Eleven Private Limited (AREREPL), a special purpose vehicle formed for generation and supply of solar power," the company said in an exchange filing.
To enhance the renewable-based power consumption, Biocon will acquire and maintain a 26 percent stake in AREREPL throughout the term of the power purchase agreement to maintain captive status as per the Electricity Act, share purchase/subscription agreement and shareholders’ agreement, it said.
AREREPL was incorporated on April 13, 2021, which will engage in the business of power generation, and will develop a 30 MWac solar power plant in Benkanhal village in Koppal district of Karnataka.
Shares of Biocon ended at Rs 310.30, down by Rs 5.90, or 1.87 percent on the BSE.
