Orient Cement inks agreement to acquire 26 percent stake in AMPSolar Systems
Orient Cement has entered into share purchase, subscription and shareholder’s agreement with AMPSolar Technology and AMPSolar Systems for acquisition of 26 percent stake in the share capital of AMPSolar Systems for putting up the solar power plant with a capacity of 13.5 MW under Captive Scheme.
The acquisition will be completed in six months. The cost of acquisition is approximately Rs 4.05 crore through.
The acquisition will be undertaken through subscription in the share capital through a combination of equity shares and compulsory convertible debentures.
AMPSolar Systems (AMP) was incorporated on 17 May 2020 in India and is a step-down subsidiary of AMP Energy India (AMP Energy).
AMP is formed for the purpose of setting up a solar power project in the state of Maharashtra, in terms of 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.