Drugmaker Cipla to buy 32.49% stake in AMP Energy Green Eleven
Drug major Cipla on Friday 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.
