Aurobindo Pharma acquires 26% stake each in 2 solar power firms

The drug maker has entered into binding agreements to invest Rs 5.38 crore each in two Hyderabad based solar power generating companies.

Aurobindo Pharma has signed the binding agreements to invest Rs 5.382 crore each in Hyderabad-based NVNR (Ramannapet I) power plant and NVNR (Ramannapet/I) power plant, aggregating to a total of Rs 10.764 crore. The company has invested in the two firms to avail the benefit of captive consumption of solar power, it added.

"After making the said investments, the company will be holding 26 per cent of the share capital in each of the aforesaid solar power generating companies," Aurobindo Pharma noted.

The deal has been executed in cash and is expected to be completed by the end of March 2021. The announcement was made after market hours yesterday, 23 February 2021.

The drug maker's consolidated net profit jumped 317.7% to Rs 2,946.32 crore on a 9.5% rise in net sales at Rs 6,353.13 crore in Q3 December 2020 over Q3 December 2019.

Shares of Aurobindo Pharma fell 0.12% to Rs 854.95 on BSE. Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients.

Powered by Capital Market - Live News