HomeInvestment & Trading ›Strides Pharma Invests 1.61 Cr to Procure Solar Power from AMPIN’s Project in Chennai

Strides Pharma Invests 1.61 Cr to Procure Solar Power from AMPIN’s Project in Chennai

Strides Pharma Science has invested INR 1.61 crore for a 2.48 percent stake in AMPIN Energy C&I One to procure solar power for its Chennai facility, aligning with its renewable energy goals.

October 28, 2024. By Mrinmoy Dey

Bengaluru-based pharmaceutical company Strides Pharma Science announced that it has invested INR 1.61 crore to acquire 2.48 percent stake in AMPIN Energy C&I One, on fully diluted basis. The transaction is expected to be completed in Q4, FY’25.

AMPIN C&I is a special purpose entity formed for purpose of setting up captive solar power projects in Tamil Nadu and is a group entity of AMPIN C&I Power Pvt. Ltd.

The proposed arrangement is for purchase of electricity/power as captive user on mutually agreed terms and conditions for utilisation at the company’s facility in Alathur, Chennai.

“This is in line with Strides’ commitment to enhance usage of renewable power source in its operations and to comply with the regulatory requirement for being a ‘captive user’ under Indian Electricity Laws. Such investment shall be used by AMPIN C&I for setting up captive solar power projects in Tamil Nadu,” noted the company in a regulatory filing.

AMPIN Energy Transition, a comprehensive renewable energy producer, has a balanced portfolio of more than 3 GWp spread across 21 states in the country catering to both commercial and industrial (C&I) and utility customers. Backed by marquee institutional investors across the globe, AMPIN aims to build a renewable energy portfolio of 10 GWp by 2030.
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