O2 Renewable Energy II is special purpose vehicle formed by O2 Energy SG, for generation and supply of renewable power.

"To enhance the renewable based power consumption, Syngene International will acquire and maintain upto 26% stake in O2 throughout the term of the power purchase agreement to maintain captive status as per electricity act, share purchase/ subscription agreement and shareholders agreement,” the company said in a statement.

The acquisition is being done for a cash consideration of Rs 3 crore. The share acquisition would be done in one or more tranches.

Syngene International is an integrated research, development and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical sectors.

The company's consolidated net profit declined 4.4% to Rs 73.9 crore in Q1 FY23 from Rs 77.3 crore in Q1 FY22. Revenue from operations during the quarter increased by 8.4% YoY to Rs 644.5 crore.

The scrip shed 0.31% to end at Rs 602 on the NSE yesterday.