Lupin Ltd. to Acquire 42.61% Stake in Sunsure Solarpark for Rs. 105.53 Million
Lupin Ltd., a pharmaceutical company, has signed a Share Subscription & Shareholders Agreement with Sunsure Solarpark Seventeen Private Limited and Sunsure Energy Private Limited to make an equity investment in Sunsure Solarpark. The total consideration for the acquisition is not exceeding Rs. 105.53 million, which will be completed in two tranches. Sunsure Solarpark is a renewable energy company focused on accelerating corporations in their energy transition to RE100 and is in the process of setting up a solar power plant. The acquisition will enable Lupin to purchase renewable power through open access for its Tarapur manufacturing site, fulfilling its commitments on decarbonization. The acquisition is expected to be completed within six months from the date of execution.
Key Highlights
- Lupin Ltd. to acquire 42.61% equity share capital of Sunsure Solarpark for a total consideration not exceeding Rs. 105.53 million.
- Sunsure Solarpark is a renewable energy company focused on accelerating corporations in their energy transition to RE100.
- The acquisition will enable Lupin to purchase renewable power through open access for its Tarapur manufacturing site.
- The acquisition is expected to be completed within six months from the date of execution.
- The acquisition is not a related party transaction.