Biocon Limited has entered into an agreement for acquisition of 26% equity stake on a fully diluted basis in Hinduja Renewables Two Private Limited (HRTPL), a special purpose vehicle formed for the purpose of power generation and developing a captive power plant. 

 

Biocon will pay Rs. 5.91 crore for acquisition of 26% stake on a fully diluted basis in one or more tranches.

 

To enhance the renewable based power consumption, Biocon will acquire and maintain 26% stake on a fully diluted basis in HRTPL throughout the term of the Power Purchase Agreement to maintain captive status as per Electricity Act, Share Purchase, Subscription and Shareholders Agreement and other transaction documents.

 

HRTPL was incorporated on September 25, 2020 to engage in the business of power generation and to develop a 19.77 MW captive wind power plant at Raichur district of Karnataka.