Cipla To Pick Up 26% Stake In Solar SPV For ₹14.6 Million

Cipla Ltd. said late Monday its subsidiary, Jay Precision Pharmaceuticals Pvt. Ltd., has agreed to acquire a 26% stake in AMPIN Energy C&I Eighteen Pvt. Ltd. for ₹14.6 million on a fully diluted basis.

The deal is expected to close within a month from the signing of transaction documents, or on a later date mutually agreed by both parties, the company said in an exchange filing.

AMPIN Energy C&I Eighteen is a special-purpose vehicle set up to build a captive solar power project in Maharashtra. It was incorporated to generate and distribute solar and other renewable energy, and to develop related infrastructure, Cipla added.