Syngene Announces Acquisition of 26% Stake in Ampyr

The corporate sector is bullish about investments in the renewable sector reasoned by the availability of cheap power and compulsions under ESG ambitions. In a latest development, Syngene International has revealed that it is looking to acquire up to 26 per cent equity stake in Ampyr Renewable Energy Resources Eleven, which is a SPV formed by Ampyr India Asset Holdings.

Syngene is an integrated research, development and manufacturing services company. The official statement of the company says that the acquisition transaction will cost around Rs 3.2 crore for Syngene. The key objective of Syngene is to generate and supply solar power.

The company will now have a 26 per cent stake in Ampyr Renewable Energy Resources Eleven throughout the term of the Power Purchase Agreement (PPA) to maintain captive status as per Electricity Act, share purchase/ subscription agreement, and shareholders agreement.

Syngene held that the subscription of equity shares of Ampyr will be on a fully diluted basis. They would come in one or more tranches. The company also said that the acquisition also stays out of the purview of related party transactions.

Recently, Biocon – a biotechnology major – announced acquisition of 26 per cent stake in AMPYR Renewable Energy Resources Eleven Private Ltd for Rs 7.5 crore. “We wish to inform you that the company has entered into an agreement for the purpose of acquisition of solar power by acquiring equity stake up to 26% in AMPYR Renewable Energy Resources Eleven Private Limited (AREREPL), a special purpose vehicle formed for generation and supply of solar power,” the company declared in an exchange filing.

Ampyr Renewable Energy Resources Eleven was incorporated last year in April. The company is looking to set up a 50 MWac solar power project in Benkanhal Village in Koppal District, Karnataka.