Biocon to buy 26% stake in AMPYR Renewable Energy Resources Eleven

New Delhi: Biocon Ltd said on Wednesday that it will acquire a 26 percent 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 built to generate and supply solar energy. Biocon said in a regulatory formed that it will develop a 30 MWac solar power plant in the village of Bankanhal in Karnataka state.

It added that the company entered into an agreement for the purpose of "acquiring solar energy by acquiring a stake of up to 26 percent in ARREPL".

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

It added that to enhance consumption of renewable energy, Biocon will acquire and maintain a 26 percent stake in ARREPL throughout the term of the power purchase agreement to maintain captive status under the Electricity Act, Share Purchase/Subscription Agreement and Shareholders Agreement.

Also Read: SoftBank-backed Lenskart acquires Japan’s Owndays