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The company has entered into a power purchase agreement with Kanakal Wind Energy and a share purchase and shareholders' agreement between First Energy and Kanakal Wind Energy.
The cost of acquisition of 26% stake in Kanakal Wind Energy is Rs 86.40 lakh. Post acquisition, it will become associate company of Indoco Remedies as the company will hold 26% of shares in Kanakal Wind Energy while remaining 74% will be held by First Energy.
The purpose of entering into the agreements is to establish the solar power plant at Akkalkot, Solapur District in the state of Maharashtra wherein the power generated will be supplied exclusively to Indoco Remedies under the captive rules. The Plant will be established and operated by Kanakal Wind Energy (power producer).
Kanakal Wind Energy is a special purpose vehicle created under captive scheme and was incorporated on 27th March, 2017. It is engaged in the business of developing, building, and managing solar power assets. It has not started commercial production yet.
Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 55 countries. The company reported 2.7% fall in consolidated net profit to Rs 38.57 crore despite of 3.6% rise in net sales to Rs 395.21 crore in Q1 FY23 over Q1 FY22.
Shares of Indoco Remedies slipped 1.62% to currently trade at Rs 355.20 on the BSE.
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