Syngene International to acquire 26% equity stake in Ampyr Renewable Energy Resources Eleven

13 Jul 2022 , 10:04 AM

Syngene International Limited has informed that the Company has entered into an agreement for the purpose of acquisition of renewable power by acquiring equity stake up to 26% in yr Renewable Energy Resources Eleven Private Limited (“AREREPL”). AREREPL is a Special Purpose Vehicle formed by yr India Asset Holdings Private Limited, for generation and supply of solar power.

As per the regulatory filing, the objective of acquisition is to enhance the renewable based power consumption, Syngene International Limited will acquire and maintain 26% stake in AREREPL throughout the term of the Power Purchase Agreement to maintain captive status.

AREREPL was incorporated on April 13, 2021, which is engaged in the business of power generation from renewable power plant; and will develop a 50 MWac solar power plant in Benkanhal Village Kanakagiri Taluk, Koppal District of Karnataka, the company said.

At around 10:06 AM, Syngene International was trading at Rs573.55 per share up by Rs2.65 or 0.46% from its previous closing of Rs570.90 per share on the BSE.