Cipla has signed an agreement to acquire 26% stake on a fully diluted basis in AMPSolar Power Systems. In line with Cipla’s commitment to enhance the proportion of renewable (solar) based power consumption and to comply with regulatory requirement for captive power consumption under electricity laws, Cipla will acquire and maintain 26% stake on a fully diluted basis in AMPSolar throughout the term of the Power Purchase Agreement.
Post-acquisition, AMPSolar will become an associate of Cipla. The subscription of equity shares and compulsorily convertible debentures in one or more tranches upto the actual commercial operation date which is tentatively May 30, 2020.
Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.