Zydus Lifesciences Limited announced it has acquired 11.86% stake in AMP Energy Green Nine Private Limited.
As per the exchange filing, the company stated, “we hereby inform that in line with the commitment to enhance the share of renewable power source in its operation and to comply with regulatory requirement for being a ‘captive user’ under Electricity Laws, 2003, the Company has entered into Share Purchase, Subscription and Shareholder’s Agreement (“SPSSA”) to acquire up to 11.86% stake on a fully diluted basis in AMP Energy Green Nine Private Limited, for setting up captive Wind Solar Hybrid power project in Gujarat.”
German Remedies Pharmaceuticals Private Limited (GRPPL), a wholly owned subsidiary of Zydus Healthcare Limited, which in turn is a wholly owned subsidiary of the Company (considered as a group company) will also be investing in the equity shares and CCDs of AMP on the same terms and conditions, which are applicable to the Company. The said investment by the Company as well as the group company will be on an arm’s length basis, the statement said.
AMP, a wholly owned subsidiary of AMP Energy C&I Private Limited (AMP C&I), is a Special Purpose Vehicle formed for purpose of setting up captive Wind Solar Hybrid power project in Gujarat. Both AMP and AMP C&l are subsidiaries of AMP Energy India Private Limited.
Incorporated on September 15, 2020, AMP Energy India Private Limited is engaged in the business of developing, owning, operating and maintaining renewable energy infrastructure for supplying electrical power generated using solar energy and other sources of renewable energy to commercial, industrial and utility customers.
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