Glenmark Pharmaceuticals to acquire stake in a renewable power entity – EQ

In Short – Glenmark Pharmaceuticals announces plans to acquire a stake in a renewable power entity, aligning with its commitment to sustainability and clean energy. This strategic move reflects the company’s dedication to reducing its carbon footprint and contributing to environmental preservation. By investing in renewable power, Glenmark aims to bolster its green initiatives while diversifying its portfolio, showcasing a forward-looking approach towards corporate responsibility and environmental stewardship.

In Details – Glenmark Pharmaceuticals (GPL) announced that for consumption and supply of renewable energy has entered into Securities Subscription & Shareholdersf Agreement with O2 Renewable Energy XXIV and O2 Energy SG PTE and Power Purchase Agreement with O2 Renewable Energy XXIV.

In line with GPL’s commitment to become carbon neutral by 2030, this investment will enhance the share of renewable power in its operation. The acquisition of shares will enable GPL to invest in renewable energy and thereby comply with regulatory requirement for being a captive user under Indian electricity laws. GPL will acquire minimum 26% stake on fully diluted basis in O2 Renewable Energy XXIV in order to qualify for captive requirements as per the provision of Electricity Act, 2003. Post]acquisition, O2 Renewable Energy XXIV, will become an associate of GPL.