Biocon To Buy 26% Stake In Hinduja Renewables Two

Biocon said on Monday that it has entered into an agreement to acquire a 26 per cent stake in Hinduja Renewables Two, a special purpose vehicle formed to generate power and develop a captive power plant in Karnataka. The acquisition is worth Rs 5.92 crore and the transaction will be completed by December 15.

"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," the Bangalore-based Biocon said in a BSE filing.

Biocon stressed that the stake acquisition is aimed at enhancing renewable-based power consumption.

Biocon is India's leading biopharmaceutical company and is founded by Kiran Mazumdar-Shaw.

At 11:30 am, the shares of Biocon were trading absolutely flat at Rs 419.65, down 25 paise, as against a 0.5 per cent gain in the benchmark indices.