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Aurobindo Pharma Acquires 26% Stake in Swarnaakshu Solar

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Aurobindo Pharma (NSE:AUROPHARMA, BOM:524804) has acquired a 26% equity stake in Swarnaakshu Solar Power through an initial investment of 5.2 million Indian rupees.

The pharma company also signed a power purchase agreement to procure solar power for captive consumption, according to a Thursday stock exchange filing.

The company had earlier approved an investment of up to 104 million rupees in Swarnaakshu. The remaining investment will be made in phases depending on project progress and funding needs.

Shares of the company rose nearly 2% in morning trade on Friday.

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