Biocon Limited will acquire 26 per cent stake in AMPYR Renewable Energy Resources Eleven Private Limited (AREREPL) for Rs 75 million.
AREREPL 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, Biocon 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.