Cipla, a pharmaceutical company, said that it has entered into an agreement to purchase a 33 percent ownership in renewable energy company Clean Max Auriga Power LLP for up to Rs 6 crore.
The firm has engaged into these agreements in order to fulfil its goal to increase the percentage of renewable energy sources in its operations while also complying with the legal requirements for being a captive consumer under electricity legislation.
Clean Max Auriga Power LLP will become an associate of Cipla following the acquisition, according to the pharmaceutical company. The company would invest up to Rs 6 crore to acquire a 33 percent share in the target company, according to the statement.
Clean Max Auriga Power LLP is a limited liability company formed for the aim of engaging in the business of producing, supplying, and distributing solar, wind, and other renewable energy sources.
This is a Syndicate News Feed; edited by Clean-Future Team