Biocon To Buy 26% Stake In AMPYR Renewable Energy Resources Eleven

Biocon Ltd. on Wednesday said it will acquire 26% stake in AMPYR Renewable Energy Resources Eleven Pvt. Ltd. for Rs 7.5 crore.

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

The company has entered into an agreement for the purpose of "acquisition of solar power by acquiring equity stake up to 26% in AREREPL", it said.

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

To enhance the renewable-based power consumption, Biocon will acquire and maintain 26% stake in AREREPL throughout the term of the power purchase agreement to maintain captive status as per Electricity Act, share purchase/subscription agreement and shareholders agreement, it added.