Biotechnology firm Biocon on June 29 said it has acquired up to 26 percent stake in AMPYR Renewable Energy Resources Eleven Private Ltd for Rs 7.5 crore.

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"We wish to inform you that the company has entered into an agreement for the purpose of acquisition of solar power by acquiring equity stake up to 26% in AMPYR Renewable Energy Resources Eleven Private Limited (AREREPL), a special purpose vehicle formed for generation and supply of solar power," the company said in an exchange filing.

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To enhance the renewable-based power consumption, Biocon will acquire and maintain a 26 percent stake in AREREPL throughout the term of the power purchase agreement to maintain captive status as per the Electricity Act, share purchase/subscription agreement and shareholders’ agreement, it said.

AREREPL was incorporated on April 13, 2021, which will engage in the business of power generation, and will develop a 30 MWac solar power plant in Benkanhal village in Koppal district of Karnataka.

Shares of Biocon ended at Rs 310.30, down by Rs 5.90, or 1.87 percent on the BSE.

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(Edited by : Shoma Bhattacharjee)