Cipla acquires stake in Clean Max Auriga Power
The agreement is in line with the company’s commitment to enhance the share of renewable power sources in its operation
Cipla has acquired up to 33 per cent of partnership interest in Clean Max Auriga Power. This agreement is in line with the company’s commitment to enhance the share of renewable power sources in its operation and to comply with the regulatory requirement for being a captive user under electricity laws.
Clean Max Auriga Power is a special purpose vehicle engaged in the business of production, supply and distribution of solar and wind or other renewable energy generation plant. The company was incorporated on February 18, 2019 and was formed to set up captive wind and solar, renewable power generation plant (Project) in Karnataka.
Kedar Upadhye, President & Global CFO, Cipla, said, “ESG is at the centre of focus at Cipla and with this acquisition, we are progressing on the right track of being purposeful by embedding sustainability into our businesses. It is a testament to our commitment to using cleaner, renewable sources of energy and it fuels our ambition of enabling a greener environment.”
Geena Malhotra, Global CTO, who spearheads Cipla’s ESG agenda said, “This acquisition is in line with our steady efforts towards progressing on goals that we have set out to achieve in the ESG space. Sustainability is at the core of Cipla and while we have miles to go in this path that we have undertaken to achieve our ESG goals, we are gradually moving towards it through such acquisitions and partnerships.”