Biocon is planning to acquire 26 per cent stake in AMPYR Renewable Energy Resources Eleven (AREREPL) 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.
To enhance the renewable-based power consumption, the company will acquire and maintain 26 per cent 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.
Biocon is India’s largest and Asia’s leading Biotechnology Company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation driven biopharma enterprise offering affordable solutions for chronic diseases to patient's worldwide.
