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Last Updated: DECEMBER 15, 2021

MUMBAI: Drug firm Cipla announced that it has acquired up to 33% stake in renewable energy firm, Clean Max Auriga Power LLP. The investment is in line with the company’s commitment to enhance the share of renewable power source in its operation, and to comply with regulatory requirements for being a captive user under electricity laws, a company statement said. Clean Max Auriga Power LLP 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 in February 2019, and was formed for the purpose of setting up captive wind and solar, renewable power generation plants 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.” Geena Malhotra, global chief technology officer who spearheads Cipla’s ESG agenda said, “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.”

Source Link: http://timesofindia.indiatimes.com/articleshow/88305782.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst