Indoco Remedies entered into agreements to acquire up to 26% stake in Kanakal Wind Energy to set up solar power
plant at Akkalkot, Solapur District in Maharashtra.
The company has entered into a power purchase agreement with Kanakal Wind Energy and a share purchase and
shareholders' agreement between First Energy and Kanakal Wind Energy.
The cost of acquisition of 26% stake in Kanakal Wind Energy is Rs 86.40 lakh. Post acquisition, it will become
associate company of Indoco Remedies as the company will hold 26% of shares in Kanakal Wind Energy while
remaining 74% will be held by First Energy.
The purpose of entering into the agreements is to establish the solar power plant at Akkalkot, Solapur District in the
state of Maharashtra wherein the power generated will be supplied exclusively to Indoco Remedies under the
captive rules. The Plant will be established and operated by Kanakal Wind Energy (power producer).
Kanakal Wind Energy is a special purpose vehicle created under captive scheme and was incorporated on 27th March, 2017.
It is engaged in the business of developing, building, and managing solar power assets. It has not started
commercial production yet.
Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 55 countries. The company
reported 2.7% fall in consolidated net profit to Rs 38.57 crore despite of 3.6% rise in net sales to
Rs 395.21 crore in Q1 FY23 over Q1 FY22.
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