Cipla to pick up 32.49% stake in solar power firm

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. AMP Energy Green Eleven was incorporated on November 21, 2020, and is engaged in the business of generating and supplying electrical power generated using solar energy.

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In a separate filing, Cipla said its Global Chief Financial Officer Kedar Upadhye has resigned from the company. Upadhye will serve his full notice period of three months upto close of business hours of May 3, 2022, it added.