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Aurobindo Pharma acquire 26% stake each in 2 solar power firms

Aurobindo Pharma acquire 26% stake each in 2 solar power firms

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Aurobindo Pharma has entered into binding agreements to investΒ β‚Ή5.38 crore each in NVNR (Ramannapet I) Power Plant and NVNR (Ramannapet II) Power Plant, aggregating toΒ β‚Ή10.76 crore

NEW DELHIΒ : Aurobindo Pharma on Tuesday said it has inked a pact to acquire 26% stake each in two Hyderabad-based solar power generating companies.

The drug firm has entered into binding agreements to investΒ β‚Ή5.38 crore each in NVNR (Ramannapet I) Power Plant Pvt Ltd and NVNR (Ramannapet II) Power Plant Pvt Ltd, aggregating toΒ β‚Ή10.76 crore, Aurobindo Pharma said in a regulatory filing.

The company has invested in the two firms to avail the benefit of captive consumption of solar power, it added.

“After making the said investments, the company will be holding 26 per cent of the share capital in each of the aforesaid solar power generating companies,” Aurobindo Pharma noted.

Source: PTI
Anand Gupta Editor - EQ Int'l Media Network