Reversing its earlier decision, drug major Sun Pharmaceutical Industries today said its Israeli arm Taro has decided not to proceed with an investment in a wind energy project in the US.
"Some of the company's subsidiaries were contemplating an investment in a wind energy project in the US. Subsequent to a further evaluation, these subsidiaries have decided not to proceed with this potential project," Sun Pharmaceutical Industries said in a BSE filing.
In a filing to United States Securities and Exchange Commission, Taro had earlier said its stakeholders will meet on November 24 to consider proposal to approve its investment in the construction of and the acquisition of a wind-powered electric energy project jointly with affiliates of the company's controlling shareholder, Sun Pharmaceutical Industries.
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The "project will have entered into wind turbine supply and warranty, service and maintenance agreements with a company in which our Chairman, Dilip Shanghvi and Sudhir Valia, a member of our Board of Directors, have a non-controlling interest."
In a filing to the SEC today, Taro said it has "decided not to pursue the wind energy project at the current time".
Shares of Sun Pharmaceutical Industries today closed 1.50 per cent down at Rs 707.90 per scrip on BSE.
