Jubilant Ingrevia said that it will acquire of 26.60% stake in AMP Energy Green Fifteen for Rs 5.11 crore for putting up the solar power plant with capacity of 15.5 MW under captive scheme.
The company has entered into share purchase, subscription and shareholder's agreement with AMP Energy C&I and AMP Energy Green Fifteen for the same.
AMP Energy Green Fifteen (AMP) is a wholly owned subsidiary of AMP Energy C&I and a step-down subsidiary of AMP Energy India (AMP Energy). Both AMP and AMP Energy C&I are subsidiaries of AMP Energy.
AMP was incorporated for the purpose of setting up a solar power project in Maharashtra, in terms of the regulatory requirement for captive power consumption under electricity laws.
AMP Energy is engaged in the business of developing, owning and operating renewable energy infrastructure for supplying electrical power generated using solar energy and other sources of renewable energy to commercial, industrial and utility customers.
The acquisition will help the company to meet the green energy needs and optimize energy cost and to comply with the regulatory requirement for captive power consumption under the electricity laws. It is expected to be completed in six months.
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The acquisition involves subscription in the share capital through a combination of equity shares and subscription of compulsory convertible debentures (CCDs) for cash consideration of approximately Rs 5.115 crore.
Incorporated in 2019, Jubilant Ingrevia houses the speciality chemicals, nutrition & health solutions, and life science chemicals businesses, which have been demerged from Jubilant Pharmova (erstwhile Jubilant Life Sciences) with effect from 1 February 2021.
The company reported a consolidated net profit of Rs 168.26 crore on net sales of Rs 1,138.48 crore in Q1 FY22 as against a net profit of Rs 54.36 crore on net sales of Rs 678.97 crore in Q4 FY21.
The scrip rose 0.75% to currently trade at Rs 775.70 on the BSE.
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