Biocon to acquire 26 percent stake in Hinduja Renewables Two

After the telecom company Airtel’s dive into the renewable energy space announcing to acquire 5.2 per cent stake in Avaada MHBuldhana, now it’s the biotech firm which is set to explore the segment.

Biotechnology major Biocon on Monday said it has inked an agreement for the acquisition of 26 per cent stake on a fully diluted basis in Hinduja Renewables Two Pvt Ltd for Rs 5.91 crore.

The indicative time period for completion of the acquisition is December 15, 2020, Biocon said in a BSE filing.

The cost of the acquisition is Rs 5,91,61,730 for the acquisition of 26 per cent stake on a fully diluted basis in one or more tranches, it added.

The object of the stake acquisition is to enhance the renewable-based power consumption, the filing said.

Shares of Biocon Ltd closed at Rs 419.35 per scrip on BSE, down 0.18 per cent from its previous close.

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