Poly Medicure, AMPIN Form JV For Haryana Solar Project

By Chitrika Grover/ Updated On Mon, Jan 13th, 2025

Poly Medicure, a medical devices manufacturer and exporter, recently formed a Joint Venture Company (JVC) with AMPIN Energy Transition (formerly Amp Energy), to establish a solar power project. The collaboration aims to set up a solar power project, to supply power to the company as a captive generating plant for the company’s manufacturing facility, in Haryana, India.

Poly Medicure in its regulatory filing said, “AMPIN would secure 74% with 7400 equity shares of Rs. 10 each and Poly Medicure Ltd 26% with 2600 Equity Shares of Rs. 10 each. The Company shall be managed by the Board of Directors of the Company, as per the Applicable Law and according to the Articles of the Company. The Board of Directors shall have the responsibility for the overall supervision and management of the Company and its Business and may exercise all powers and authority with the management of the affairs of the Company and the Business, except for any matter requiring the prior approval of the Shareholders under applicable law or this Agreement, in which case no decision or action by the Board shall become effective unless such prior Shareholders’ approval has been obtained.”

The notification mentioned, “As per the terms of the Joint Venture Agreement, the proposed JV Company will be 26% owned by Poly Medicure Limited and 74 % owned by AMPIN C&I Power Private Limited, and capital shall be infused by both parties in one or more tranches as per the mutually agreed terms and conditions among Poly Medicure Limited and AMPIN C&I Power Private Limited.”

Earlier clean energy partnerships

Recently, telecom firm Bharti Airtel signed an agreement with AMP Energy Green Three Private Limited, a special purpose vehicle (SPV) of AMPIN Energy Transition (formerly Amp Energy), to acquire 3,78,90,005 (26%) equity shares. To acquire power from this project, the companies formed the SPV to own and operate the captive power plant.

In its regulatory filing, Airtel had stated: “AMP Energy Green Three, a Special Purpose Vehicle (SPV) of AMP Energy Green, is being established to develop, construct, operate, and maintain a 50 MW hybrid wind-solar power plant in Village Jodh Singh Ka Gaon, Barmer district, Rajasthan, India. The project will be connected to the 220 KV Fatehgarh GSS of PGCIL and will supply green power to industries across India through the interstate network. AMP Energy Green Three was formed to develop a captive solar power plant in Rajasthan, which is expected to become operational by Q2 of FY 2025-26. As a result, AMP Energy Green Three has reported no revenue in the preceding three years.”