Aurobindo Pharma to Acquire 26% Stake in Swarnaaskshu Solar Power Private Limited

Aurobindo Pharma Ltd. has approved the acquisition of up to 26% of the paid-up equity share capital of Swarnaaskshu Solar Power Private Limited (Swarnaaskshu), a company under incorporation, through a power purchase agreement. Swarnaaskshu is being incorporated by relatives of Mr. K. Nithyananda Reddy, a promoter and Vice Chairman & Managing Director of Aurobindo, and will be setting up a Solar power plant with the capacity of 30MW AC (40MW DC) in the state of Telangana. Aurobindo will be investing Rs.10.40 crores for acquiring 26% equity of Swarnaaskshu.