Biocon Moves Into Renewable Energy Space

In Clean News, News, Renewable Energy
Biocon
Biocon

Biotechnology major Biocon on Monday said it has inked an agreement for the acquisition of 26 per cent stake on a fully diluted basis in Hinduja Renewables Two Pvt Ltd for Rs 5.91 crore.

The indicative time period for completion of the acquisition is December 15, 2020, Biocon said in a BSE filing.

The cost of the acquisition is Rs 5,91,61,730 for the acquisition of 26 per cent stake on a fully diluted basis in one or more tranches, it added.

The object of the stake acquisition by Biocon is to enhance the renewable-based power consumption, the filing said.

Shares of the company closed at Rs 419.35 per scrip on BSE, down 0.18 per cent from its previous close.

This is a syndicate News Feed; edited by Clean-Future Team

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