- The company will invest up ₹6 crore for the 33% stake in the target firm
- Cipla on Wednesday announced that it has acquired 33% stake in renewable energy firm Clean Max Auriga Power LLP for up to ₹6 crore.
- This agreement is in line with the company’s 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 drugmaker said in a regulatory filing.
Cipla has acquired up to 33% of a partnership interest in Clean Max Auriga Power LLP (Limited Liability Partnership). This agreement is in line with the Company’s commitment to enhance the share of renewable power sources in its operation and to comply with the regulatory requirement for being a captive user under electricity laws.
Kedar Upadhye, President & Global CFO, Cipla, said, “ESG is at the centre of focus at Cipla and with this acquisition, we are progressing on the right track of being purposeful by embedding sustainability into our businesses. It is a testament to our commitment to using cleaner, renewable sources of energy and it fuels our ambition of enabling a greener environment”
Geena Malhotra, Global Chief Technology Officer who spearheads Cipla’s ESG agenda said, “This acquisition is in line with our steady efforts towards progressing on goals that we have set out to achieve in the ESG space. Sustainability is at the core of Cipla and while we have miles to go in this path that we have undertaken to achieve our ESG goals, we are gradually moving towards it through such acquisitions and partnerships.”
Clean Max Auriga Power LLP is a special purpose vehicle engaged in the business of production, supply and distribution of solar and wind or other renewable energy generation plant. The Company was incorporated on 18th February 2019 and was formed for the purpose of setting up captive wind and solar, renewable power generation plant (Project) in Karnataka.