Drug major Cipla to acquire 33% stake in Clean Max Auriga Power

Drug major Cipla on Wednesday said it has inked a pact to acquire 33 per cent stake in renewable energy firm Clean Max Auriga Power LLP for up to Rs 6 crore.

In line with the commitment to enhance the share of renewable power source in its operation and to comply with regulatory requirement for being a captive user under electricity laws, the company has entered into agreements to acquire up to 33 per cent partnership interest in Clean Max Auriga Power LLP, the drug maker said in a regulatory filing.

The company will invest up Rs 6 crore for the 33 per cent stake in the target firm, it added.

Post-acquisition, Clean Max Auriga Power LLP will become an associate of Cipla, the drug maker noted.

Clean Max Auriga Power LLP is a special purpose vehicle engaged in the business of production, supply, and distribution of solar, wind and other renewable energy.