Aurobindo Pharma Grabs 26% Share Each in 2 Solar Power Major

The drug manufacturer, Aurobindo Pharma has inked binding agreements to invest about Rs.5.38 crore each in two Hyderabad based solar power generating companies.

Aurobindo Pharma has signed the binding agreements to invest Rs.5.382 crore each in Hyderabad-based NVNR (Ramannapet I) power plant and NVNR (Ramannapet/I) power plant, which makes a total of Rs.10.764 crore. The company has invested in the two firms to avail the benefit of captive consumption of solar power, it adds.

Aurobindo Pharma observes, "After making the said investments, the company will be holding 26 percent of the share capital in each of the aforesaid solar power generating companies."

The deal has been completed in cash and is expected to be terminated by the end of March 2021. The announcement was made after market hours yesterday, 23 February 2021.

Furthermore, the drug maker's has consolidated net profit jumped 317.7 percent to Rs.2,946.32 crore on a 9.5 percent rise in net sales at Rs.6,353.13 crore in Q3 December 2020 over Q3 December 2019.

The shares of Aurobindo Pharma have dropped by 0.12 percent to Rs.854.95 on BSE. Aurobindo Pharma produces generic pharmaceuticals as well as active pharmaceutical ingredients.