Syngene International Acquires Stake in O2 Renewable Energy II for Renewable Power Consumption

Syngene International Ltd. has entered into an Amendment to the Share Subscription/ Purchase and Shareholders Agreement with O2 Renewable Energy II Private Limited for the purpose of acquiring renewable power. The acquisition is aimed at enhancing the renewable-based power consumption by Syngene. The company will acquire and maintain a minimum 26% stake in O2 throughout the term of the Power Purchase Agreement to maintain captive status as per Electricity Act. The acquisition cost is Rs. 65,000,000 (Rupees Sixty-Five Million Only) and Syngene's stake in O2 has increased to 33.79%. O2 is engaged in the business of power generation from a 201.2 MW Wind-Solar Hybrid power plant at Kudligi Taluk, Bellary District, Karnataka. The turnover for FY 2023-24 of O2 was Rs. 5,12,38,770. The acquisition is expected to be completed on or before May 31, 2025 or such other date mutually agreed between the parties.