Cipla to acquire 26 percent stake in AMP Solar Power Systems

Cipla will acquire and maintain 26 per cent stake on a fully diluted basis in AMPSolar throughout the term of the power purchase agreement, share purchase, subscription and shareholders agreement and other transaction documents, it added.

New Delhi: Drug firm Cipla Thursday said it has signed an agreement to acquire 26 per cent stake on a fully diluted basis in AMPSolar Power Systems Pvt Ltd for a cash consideration of up to Rs 12.90 crore.

AMP Solar Power Systems Pvt Ltd is a wholly owned subsidiary of AMP Solar Technology Pvt Ltd and is a special purpose vehicle formed for the purpose of setting up a captive solar power project in Maharashtra, Cipla said in a filing to the BSE.

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Cipla will acquire and maintain 26 per cent stake on a fully diluted basis in AMPSolar throughout the term of the power purchase agreement, share purchase, subscription and shareholders agreement and other transaction documents, it added.

The indicative time-period for share purchase is June 12, 2019, it added.

The company is a multinational pharmaceutical and biotechnology company, headquartered in Mumbai. The company primarily develops medicines to treat respiratory, cardiovascular disease, arthritis, diabetes, weight control and depression; other medical conditions.

It was founded by Khwaja Abdul Hamied as ‘The Chemical, Industrial & Pharmaceutical Laboratories’ in 1935 in Mumbai. The name of the Company was changed to ‘Cipla Limited’ on 20 July 1984. In the year 1985, USFDA approved the company’s bulk drug manufacturing facilities.

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